China’s Slowdown Is Being Ignored by Global Macro Managers
Global financial markets are showing few signs of fretting over all the negative headlines from China, however discouraging they may seem. #press
Zambia Inflation Quickens to 16-Month High on Food, Fuel Prices
Zambia’s inflation accelerated to a 16-month high in August, a week after the central bank increased its benchmark interest rate for the third time in a row to contain price growth pressures that are predicted to persist through to the first half of 2025. #press
Bostic Urges Fed to Be ‘Cautious and Patient’ on Policy
Federal Reserve Bank of Atlanta President Raphael Bostic sees current monetary policy as “appropriately restrictive,” and says the Federal Reserve should, “let the restrictive policy continue to influence the economy, lest we risk tightening too much and inflicting unnecessary economic pain.” Bostic... #press
MUFG Brokerage JV Sued in Japan Over Credit Suisse AT1 Sales
Japanese investors sued Mitsubishi UFJ Financial Group Inc.’s joint venture brokerage with Morgan Stanley, showing that the fallout from losses on Credit Suisse’s riskiest debt continue to reverberate around the world. #press
Euro-Zone Inflation Stops Slowing in Alarm Signal for the ECB
Euro-area inflation stopped slowing in August, presenting European Central Bank officials with a quandary as they weigh whether pressures are too persistent to risk a pause in interest-rate hiking. #press
The US Just Lost the Corn-Exporting Crown
Latin America’s biggest country shipped more of the staple crop overseas in the 2023 season, and it’s on track to do it again in 2024. #press
UBS to Cut 3,000 Jobs in Credit Suisse Integration
UBS Chief Executive Officer Sergio Ermotti says, “we will have around 3,000 jobs that will be made redundant over the next years,” as he discusses job cuts that will stem from the integration of Credit Suisse’s Swiss unit. He speaks with Bloomberg’s Francine Lacqua. (Source: Bloomberg) #press
Turkish Depositors Exit Key Lira Program as Regulators Start Curbs
Turkish investors are starting to exit a tool designed to halt a selloff in the lira and are moving their money into regular dollar accounts, putting pressure on the central bank to meet increasing demand for foreign exchange. #press
Hyun Song Shin on the New Financial Stability Risks
Where are the dangers now? #press
Egypt and Turkey Emerge as Unlikely Havens From China’s Troubles
Turkey and Egypt have gone from underdogs to unlikely havens as emerging-market stocks endured the worst August since 2015. #press
Santander Skips AT1 Call Option as Economics Dictates Decision
Banco Santander SA has skipped the first repayment option in a €1 billion ($1.1 billion) additional tier 1 bond, marking an uncommon extension even amid a turbulent market for so-called contingent convertibles this year. #press
India’s Oil Imports from Russia Plunge to Lowest in Seven Months
India’s appetite for cheap Russian oil took a breather in August as monsoon rains dampened demand and refiners scheduled routine maintenance works. #press
Ukraine’s Defense Chief May Be Dismissed Next Week, Pravda Says
Ukrainian parliament may vote on the dismissal of Defense Minister Oleksii Reznikov as soon as next week, the Ukrayinska Pravda website reported, citing officials in the cabinet and parliament it didn’t name. #press
UBS CEO Ermotti Says Seeing Inflows Across Businesses
UBS Group posted the biggest-ever quarterly profit for a bank in the second quarter as a result of its emergency takeover of Credit Suisse, and confirmed that it would fully integrate the local business of its former rival by next year. CEO Sergio Ermotti spoke to Bloomberg's Francine Lacqua in Zurich.... #press
Traders Are Bailing on the Euro as End to ECB Hikes Draws Near
Traders are abandoning the euro at pace as speculation grows the European Central Bank will struggle to tighten monetary policy further. #press
Fed’s Bostic Urges Caution to Avoid Inflicting Unnecessary Pain
Federal Reserve Bank of Atlanta President Raphael Bostic said policymakers need to be cautious not to overtighten monetary policy and risk unnecessary harm to the US labor market. #press
Turkish Economy Slows Less Than Forecast as More Rate Hikes Loom
Turkey’s economy slowed less than predicted in the second quarter, with activity set to remain subdued for the rest of the year as officials seek to put growth on a more sustainable footing by raising interest rates. #press
China Travel Rebound Helps Top Carrier Trim Losses
China’s three largest airline companies reported significantly narrower losses for the first half of 2023 as Beijing’s lifting of Covid restrictions late last year unleashed pent-up demand for domestic travel. Bloomberg's Danny Lee reports more on their earnings result. (Source: Bloomberg) #press
Markets in 3 Minutes: The Reaction Function Is the Big Change
Mark Cudmore and Tom Mackenzie break down today’s key themes for analysts and investors on “Bloomberg Markets Today.”
(Source: Bloomberg) #press
Kazakhstan Diversifies Oil-Export Routes With Tanker Purchases
Kazakhstan is buying tankers to ship its oil across across the Caspian and Black Seas, the latest sign that central Asia’s largest crude producer is seeking alternatives to its main export pipeline through Russia. #press
