World

U.S. to start replenishing crude reserves after sell-off

U.S. to start replenishing crude reserves after sell-off

The U.S. Department of Energy announced Friday that it will begin buying back crude to replenish its strategic reserves, which are at their lowest level since 1984 after the strategy of massive sales of barrels to try to lower the price of gasoline in the country. The office gives until December 28 to companies wishing …

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Italian ministers criticise ECB for raising borrowing costs

Italian ministers criticise ECB for raising borrowing costs

Three ministers in Italian Prime Minister Giorgia Meloni’s new right-wing government have publicly criticized the European Central Bank for raising interest rates despite the looming euro zone recession. On Thursday, the ECB raised interest rates by half a percentage point and, like the U.S. Federal Reserve a day earlier, kept further hikes firmly on the …

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The slowdown in the British economy moderates in December, but factories are struggling – PMI

The slowdown in the British economy moderates in December, but factories are struggling - PMI

Britain’s slowdown has eased slightly this month, except for manufacturers, with companies posting the least cost pressures since mid-2021, a survey showed on Friday. The U.K.’s global composite purchasing managers’ index (PMI) unexpectedly rose to 49.0 from 48.2 in November, although it remained below the 50 threshold indicating growth. A Reuters poll of economists pointed …

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Bundesbank forecasts recession and higher inflation in Germany

Bundesbank forecasts recession and higher inflation in Germany

Inflation in Germany, the eurozone’s largest economy, is likely to be higher than previously thought, while economic growth will be weaker, with a recession next year already certain, the Bundesbank said on Friday in a semi-annual update to its economic forecasts. The new forecasts mirror similar revisions made on Thursday by the European Central Bank, …

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Gold Heads for Weekly Decline Following Central Bank Rate Hikes

Gold Heads for Weekly Decline Following Central Bank Rate Hikes

The gold It fell on Friday and was on track for its biggest weekly drop since mid-November, as several central banks signaled this week that more rate hikes are needed to curb inflationary pressures. Spot gold was down 0.1 percent at $1,775.50 an ounce at 0940 GMT. In the week it accumulates a decrease of …

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Dollar holds gains after rising on rate hikes

Dollar holds gains after rising on rate hikes

The dollar traded little changed on Friday after gains the day before, as traders scrambled at a series of interest rate hikes by central banks and grappled with the prospect that borrowing costs still have a way to rise. The euro was flat at $1.063. On the eve it fell 0.5%, after the European Central …

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Repsol buys Asterion Energies for €560 million from the Asterion Industrial fund

Repsol buys Asterion Energies for €560 million from the Asterion Industrial fund

Repsol today signed the acquisition of Asterion Energies from the European infrastructure fund Asterion Industrial for €560 million, plus a maximum of €20 million in “contingent payments”. The operation “is an important milestone” for Repsol, which wants to become a global player in renewable energy, while strengthening the company’s position in key markets in Europe, …

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Mick Schumacher joins Mercedes as F1 reserve driver

Mick Schumacher joins Mercedes as F1 reserve driver

Mercedes announced on Thursday that former Haas driver Mick Schumacher, son of seven-time world champion Michael Schumacher, will be its Formula One reserve for next season. Schumacher, whose father, a Ferrari idol, also raced for Mercedes from 2010 to 2012, will attend all grands prix as a reserve for world champions Lewis Hamilton and George …

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Copper falls on weak Chinese data and Fed tough tone

Copper falls on weak Chinese data and Fed tough tone

Prices for copper They fell on Thursday on weak Chinese factory data and the U.S. Federal Reserve’s warning of further interest rate hikes, stoking fears of weak demand. At 1122 GMT, benchmark copper on the London Metal Exchange (LME) was down 0.8 percent at $8,445 a tonne. Weakening economic growth and rising rates have weighed …

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A Northern Ireland minister illegally tried to stop Brexit checks – court

A Northern Ireland minister illegally tried to stop Brexit checks - court

Northern Ireland’s agriculture minister acted illegally in February when he ordered an immediate halt to controls on food and agricultural products from Britain bound for Northern Ireland under post-Brexit trade rules, the High Court in Belfast ruled on Thursday. The Feb. 2 order by then-minister Edwin Poots never came into force, after the High Court …

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The Bank of England raises rates to 3.5% and expects further hikes

The Bank of England raises rates to 3.5% and expects further hikes

The Bank of England on Thursday raised its Interest rate official 3% to 3.5%, its ninth straight rise, in a bid to accelerate inflation’s return to its target, after price growth hit its highest level in 41 years in October. The Bank of England’s Monetary Policy Committee voted 6-3 in favor of the measure, saying …

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Crude futures fell during the Asian session

Crude futures fell during the Asian session

Crude oil futures fell during the Asian session on Wednesday. On the New York Mercantile Exchange, Crude oil futures for delivery in January they were trading at 75.20 US dollars a barrel. At the time of writing they are falling by 0.25%. Early it reached a session low of dollars a barrel. Crude oil It …

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Gold futures were down during the Asian session

Gold futures were down during the Asian session

Gold futures fell during the Asian session on Wednesday. In the Comex division of the New York Mercantile Exchange, Gold futures for delivery in February they were trading at 1.00 US dollars per troy ounce. At the time of writing they are falling by 0.22%. Early it reached a session low of dollars per troy …

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Televisa says board of directors Megacable rejected business combination proposal

Televisa says board of directors Megacable rejected business combination proposal

Mexican media giant Televisa (BMV:TLEVISACPO) said on Tuesday that Megacable’s board of directors rejected its proposal to merge its Megacable unit with that company. cable and Izzi broadband, although he announced that he will continue to seek dialogue alternatives to complete the operation. As Reuters exclusively reported, after reviewing the offer letter dated Nov. 14 …

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Ukraine steps up diplomacy amid fighting, power cuts

Ukraine steps up diplomacy amid fighting, power cuts

The United States is prioritizing strengthening Ukraine’s air defenses, U.S. President Joe Biden told Ukrainian President Volodymyr Zelensky on Sunday, stepping up efforts to secure international aid in the face of Russia’s decade-old invasion. Intense fighting in the east and south of the country continued unabated, while drone and missile attacks on key electrical infrastructure, …

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Japanese wholesale inflation almost stable at 9.3% as commodities moderate

Japanese wholesale inflation almost stable at 9.3% as commodities moderate

Japanese wholesale prices rose 9.3 percent from a year earlier in November, data showed on Monday, a rate of increase that was largely unchanged from the previous month and showed the first signs of a spike in inflation amid moderation in global commodity prices. It was the twenty-first consecutive month of annual wholesale price increases. …

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International experts help Ukraine investigate sexual violence

EXCLUSIVE: International experts help Ukraine investigate sexual violence

In recent days, an international team of legal advisers has been working with local prosecutors in the retaken Ukrainian city of Kherson as they began gathering evidence of alleged sex crimes committed by the Russian military as part of a large-scale investigation. The visit by a team from Global Rights Compliance, an international law firm …

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UK faces winter of strikes, with nurses’ protests this week

UK faces winter of strikes, with nurses' protests this week

British nurses will strike this week, affecting already overwhelmed hospitals and increasing pressure on Prime Minister Rishi Sunak to quell the country’s biggest strike wave in decades. The disruption comes as strikes paralyze the rail network and postal service, airports prepare for disruption and trainee doctors, midwives and teachers prepare to vote, threatening to further …

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China urges protection against new wave of COVID

China urges protection against new wave of COVID

Scores of people queued outside Chinese hospitals on Monday to check for COVID-19, a further sign of the rapid spread of symptoms after authorities began dismantling strict measures against the disease. Three years after the start of the pandemic, China is moving slowly to align itself with a world that has largely opened up to …

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Russia says US is not yet ‘constructive’ in talks -RIA

Russia says US is not yet 'constructive' in talks -RIA

Russia sees Istanbul as a “comfortable place” to conduct diplomacy with the United States, but does not yet believe Washington has taken a constructive approach to the talks, RIA Novosti news agency quoted Russian Deputy Foreign Minister Sergei Vershinin as saying on Monday. Turkish President Tayyip Erdogan has become a key mediator between Russia, Ukraine …

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More than 500 migrants arrive in Italy as rescue ships dock

More than 500 migrants arrive in Italy as rescue ships dock

Italy, which promised a hard line on immigration, welcomed more than 500 migrants on Sunday when two charity rescue ships were allowed to dock at ports in the south of the country after several days of bad weather at sea. The Geo Barents ship, operated by the humanitarian organization Médecins Sans Frontières (MSF) and which …

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Serbs in Kosovo block roads, clash with police as ethnic tensions worsen

Serbs in Kosovo block roads, clash with police as ethnic tensions worsen

Serb protesters in northern Kosovo blocked major roads for a second day on Sunday after a nightmare of gunfire with police following the arrest of a former Serbian policeman amid rising tensions between the Serb minority and authorities. In recent weeks, Serbs in northern Kosovo, a hotbed of Serbian nationalism, have met Pristina’s anti-Serb attempts …

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Australia agrees to limit the price of gas and coal to alleviate inflation

Australia agrees to limit the price of gas and coal to alleviate inflation

The Australian Government, together with regional executives, agreed on Friday to limit gas prices and charcoal on a temporary basis to alleviate inflation fueled by the global energy crisis. In a press conference, Australian Prime Minister Anthony Albanese said that the decision involves limiting the price of gas to 12 Australian dollars (8.14 dollars or …

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Attacks inside Russia show apparent new reach for Ukraine

Attacks inside Russia show apparent new reach for Ukraine

A third Russian airfield was set on fire following a drone strike, a day after Ukraine demonstrated its apparent new ability to penetrate hundreds of kilometers deep into Russia with attacks on two air bases. Authorities in the Russian city of Kursk, about 90 km north of the Ukrainian border, released images on Tuesday showing …

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Bank of Japan’s Nakamura sees premature changes in ultra-loose monetary policy

Bank of Japan's Nakamura sees premature changes in ultra-loose monetary policy

Bank of Japan board member Toyoaki Nakamura said on Wednesday it was premature to change the central bank’s ultra-loose monetary policy now, stressing the need to shore up a fragile economy with massive stimulus. While prolonged ultra-low interest rates are weighing on financial institutions’ performance, the benefits of the Bank of Japan’s stimulus remain outweighed …

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EU escalates clash with China at WTO over patents and Lithuania

EU escalates clash with China at WTO over patents and Lithuania

The European Union said on Wednesday it had requested the creation of arbitration panels at the World Trade Organization, the next step in two trade disputes with China. The disputes, both brought to the WTO earlier this year, concern alleged Chinese restrictions on EU companies’ rights to use a foreign court to protect their high-tech …

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Democratic U.S. Senator Warnock beats Trump-backed rival in runoff

Democratic U.S. Senator Warnock beats Trump-backed rival in runoff

Democrat Raphael Warnock won re-election to the U.S. Senate in a hard-fought runoff in Georgia on Tuesday, bolstering his party’s razor-thin majority as he faced Republican football star Herschel Walker. Warnock’s predicted victory was tight. With 99 percent of the votes c ounted, he led Walker 50.8 percent to 49.2 percent, according to Edison Research. …

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China relaxes its COVID restrictions policy

China relaxes its COVID restrictions policy

China announced on Wednesday the most sweeping changes to its strict COVID-fighting regime since the pandemic began three years ago, loosening rules that slowed the spread of the virus but have battered its economy and sparked historic protests. The relaxation of rules, which include allowing infected people with mild or asymptomatic symptoms to quarantine at …

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Stocks Fall, Growth Fears Offset Change of COVID Measures in China

Stocks Fall, Growth Fears Offset Change of COVID Measures in China

Global stock markets fell on Wednesday and bonds held firm after a chorus of Wall Street bankers warned of a likely recession in the future, tempering optimism about the shift from China’s harsh zero-COVID policy. “Now, concern about economic growth seems to be outpacing inflation,” he added. A deteriorating economic outlook on Wednesday prompted new …

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EU passes law to make airlines pay more for what they pollute

EU passes law to make airlines pay more for what they pollute

The European Union reached an agreement early on Wednesday on a law to increase the cost airlines must pay for their carbon dioxide emissions, adding pressure on the sector to move away from fossil fuels. Currently, airline companies flying within Europe have to obtain permits from the EU carbon market to cover their carbon dioxide …

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China to ease restrictions in COVID policy shift

China said on Wednesday it would allow COVID patients with mild symptoms to isolate at home, as part of a series of new measures marking a major shift in its tough anti-virus policy that has battered its economy and sparked historic protests. The relaxation of the rules, which also remove the requirement to present a …

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India raises interest rates to 6.25% to fight inflation

India raises interest rates to 6.25% to fight inflation

The Reserve Bank of India (RBI, issuer) announced on Wednesday a new increase in interest rates of 0.35 points, to 6.25%, to control inflation, said the governor of this monetary institution, Shaktikanta Das, in a televised speech. The RBI also lowered the gross domestic product (GDP) growth forecast again, to 6.8% in the current fiscal …

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World Bank Improves India’s Growth Forecast to 6.9%

World Bank Improves India's Growth Forecast to 6.9%

The World Bank said on Tuesday that India’s gross domestic product (GDP) will grow by 6.9% in the current fiscal year (April 2022 to March 2023), an improvement from the 6.5% previously estimated, judging that the Asian country is capable of facing the global economic situation. “Although the deteriorating external environment will weigh on India’s …

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The obstacles facing the reindustrialization of Nissan

The obstacles facing the reindustrialization of Nissan

After a week of vertigo, with negotiations at the limit of the electromobility hub with the bank to retain the aid of the Perte of the electric car, the reindustrialization of the Nissan plant (TYO:7201) in Barcelona’s Zona Franca is the last stretch of a road that is not without risk. These are the main …

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European stock markets fall weighed down by bank and energy stocks

European stock markets fall weighed down by bank and energy stocks

European stock markets fell on Tuesday, dragged down by banking and energy values, as good data on U.S. services activity raised fears that the Federal Reserve could maintain its aggressive rate hikes for longer. The indexSTOXX 600It fell 0.1 percent, extending losses to a third straight session. The index has posted seven straight weekly gains, …

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Beijing prepares to ‘live again’ as nationwide lockdowns are lifted

Beijing prepares to 'live again' as nationwide lockdowns are lifted

The Chinese capital Beijing on Tuesday lifted the need to show a negative COVID test result to enter supermarkets and offices, marking a further easing of restrictions across the country following recent historic protests. “Beijing prepares for life again,” read a headline in the government-run China Daily newspaper, adding that people were “gradually assuming” the …

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Global renewable energy capacity to double in next five years – IEA

Global renewable energy capacity to double in next five years - IEA

The International Energy Agency (IEA) said on Tuesday global renewable energy capacity will double over the next five years, driven by concerns about energy security following Russia’s invasion of Ukraine. In an annual report on the outlook for renewables, the IEA said global capacity is projected to grow by 2,400 gigawatts (GW) — equivalent to …

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Japan’s Household Spending Rises for Fifth Consecutive Month

Japan's Household Spending Rises for Fifth Consecutive Month

Japanese household spending rose for a fifth straight month in October from a year earlier, data showed on Tuesday, as declining coronavirus cases encouraged more people to shop and eat at restaurants. Improving consumer spending, which accounts for more than half of the economy, is seen as vital to the country’s economic growth. However, accelerating …

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Gold futures rose during the Asian session

Gold futures rose during the Asian session

Gold futuresrose during the Asian session on Tuesday. In the Comex division of the New York Mercantile Exchange,Gold futuresfor delivery in February they were trading at 1.00 US dollars per troy ounce. At the time of writing, they are up 0.16%. Early it reached a session high of dollars per troy ounce.GoldIt will probably find …

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Australia sets interest rates at 3.10% in eighth hike since May

Australia sets interest rates at 3.10% in eighth hike since May

The Australian Reserve Bank (RBA) raised on Tuesday – for the eighth consecutive time since last May – interest rates by 0.25 percentage points to 3.10 percent, the highest level since 2012, in order to tackle the strong inflation that afflicts the country. “Since May, interest rates have risen sharply. This has been necessary to …

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Crude oil futures rose during the Asian session

Crude oil prices remain stable in the face of Chinese demand and caution about the CPI in the US

Crude oil futuresrose during the Asian session on Tuesday. On the New York Mercantile Exchange,Crude oil futuresfor delivery in January they were trading at 77.64 US dollars a barrel. At the time of writing they are up by 0.92%. Early it reached a session high of dollars a barrel.Crude oilIt will probably find support at …

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Venezuela prepares to export fertilizer next year

Venezuela prepares to export fertilizer next year

Venezuela is preparing to export fertilizers in 2023, a trade with which the country hopes to continue increasing its export capacity, said Monday the sectoral vice president of Economy, Tareck El Aissami. In an activity with producers, the also Minister of Oil said that the fertilizers will be produced by the state-owned Pequiven, which currently …

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Chinese leader unwilling to accept vaccines from the West despite threat of protests: US intelligence

Chinese leader unwilling to accept vaccines from the West despite threat of protests: US intelligence

Chinese President Xi Jinping is unwilling to accept Western vaccines despite the challenges China faces with COVID-19, and while the recent protests are not a threat to the Communist Party government, they could affect his personal standing, the U.S. Director of National Intelligence said on Saturday. Avril Haines. Although China’s daily COVID cases are near …

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Asia FX turns cautious ahead of U.S. payrolls, dollar hits 3-mth low

Asia FX turns cautious ahead of U.S. payrolls, dollar hits 3-mth low

Most Asian currencies moved little on Friday as caution kicked in ahead of U.S. payrolls data that is likely to affect monetary policy, although dovish signals from the Federal Reserve pushed the dollar to a three-month low. Regional currencies were also set for strong gains this week as the Federal Reserve flagged smaller interest rate …

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Oil treads water amid speculation over OPEC cut, weekly gains on tap

Oil treads water amid speculation over OPEC cut, weekly gains on tap

Oil prices rose slightly on Friday as investors speculated over the prospect of a production cut by the OPEC, while optimism over a recovery in Chinese demand and signs of tightening supply put crude markets on course for a positive week. The Organization of Petroleum Exporting Countries and allies (OPEC+) is set to meet on …

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Analysis-Ghana overhaul a test for $1 billion World Bank-backed debt

Analysis-Ghana overhaul a test for $1 billion World Bank-backed debt

Ghana’s debt restructuring plans are set to test a $400 million World Bank guarantee which was designed to provide extra security if the West African country failed to pay. Like other smaller, riskier emerging market countries including Sri Lanka and Zambia, Ghana faces a debt overhaul after its already strained finances buckled under the economic …

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Dollar wobbles as inflation ebbs, jobs data in focus

Dollar wobbles as inflation ebbs, jobs data in focus

The dollar held firm on Friday but was pinned near 16-week lows against a basket of major currencies as data showing increased U.S. consumer spending emboldened investors’ hopes that the peak in interest rates was in sight. The dollar index, which measures the currency against six major peers including the yen and euro, rose 0.05% to …

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ECB’s Lagarde warns some fiscal policies in Europe could fuel excess demand

ECB's Lagarde warns some fiscal policies in Europe could fuel excess demand

European Central Bank President Christine Lagarde warned on Friday that some European governments’ fiscal policies could lead to excess demand, and that fiscal and monetary policies need to work in synch for sustainable, balanced economic growth. “Fiscal policies that create excess demand in a supply constrained economy might force monetary policy to tighten more than …

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U.S. job growth likely slowed again in November; labor market still tight

U.S. job growth likely slowed again in November; labor market still tight

U.S. job growth was likely the smallest in nearly two years in November as mounting worries of a recession cooled demand for labor, which could give the Federal Reserve confidence to start slowing the pace of its interest rate hikes this month. The Labor Department’s closely watched employment report on Friday, which is also expected …

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Asian shares rise, dollar sways as slowing rate hike looms

Asian shares rise, dollar sways as slowing rate hike looms

Asian equities jumped on Thursday, while the dollar slid as investors poured into risky assets after Federal Reserve Chair Jerome Powell opened the door to a slowdown in the pace of monetary tightening. In an eagerly-awaited speech, Powell said the central bank could scale back the pace of its interest rate hikes “as soon as …

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Dollar plunges to 3-month low vs yen as Powell says Fed to go slow

Dollar plunges to 3-month low vs yen as Powell says Fed to go slow

The dollar tumbled to a three-month low against the yen on Thursday as traders focussed on comments by Federal Reserve Chair Jerome Powell that interest rate hikes could be scaled back “as soon as December”. Powell said on Wednesday that “slowing down at this point is a good way to balance the risks” but added …

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Chinese manufacturing PMI dented by COVID curbs in November- Caixin

Chinese manufacturing PMI dented by COVID curbs in November- Caixin

Chinese manufacturing activity shrank for the third consecutive month in November, a private survey showed on Thursday, as strict anti-COVID measures continued to disrupt factory operations, while demand also softened. The Caixin Manufacturing Purchasing Managers Index (PMI) read 49.4 in November, slightly edging past expectations of 48.9 and rising above October’s reading of 49.2. But …

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Asia FX rallies, dollar sinks as Powell touts tepid rate hikes

Asia FX rallies, dollar sinks as Powell touts tepid rate hikes

Most Asian currencies extended gains on Thursday, while the dollar slipped further after Federal Reserve Chair Jerome Powell said that the central bank will likely slow its pace of future interest rate hikes, although weak economic data prints from China stifled sentiment.  The Japanese yen was among the best performers, rising nearly 1% to 136.76- its strongest level …

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EUR/USD climbs on Powell’s speech, but look out for key indicators

EUR/USD climbs on Powell's speech, but look out for key indicators

Yesterday was a busy day for the EUR/USD, with gains in the morning, in the face of half-hearted European inflation figures, then with a correction in the afternoon, to finally post a strong upward movement overnight, helped by Powell’s speech which confirmed the prospect of a Fed pivot. Indeed, while the Euro-Dollar tested the psychological threshold …

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German retail sales slump in October, setting weak tone for Q4 growth

 German retail sales slumped in October, setting an ominous tone for a fourth quarter in which Europe’s largest economy is widely expected to shrink. Sales fell 2.8% in inflation-adjusted terms, and were even down 1.7% in absolute terms, from September, as consumers reduced their outlays on non-essential items in particular in the face of surging fuel bills. …

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European shares jump on Powell’s speech, China relief

European shares jump on Powell's speech, China relief

European shares scaled over three-month highs on Thursday, cheered by U.S. Federal Reserve Chair Jerome Powell signalling smaller interest rate hikes ahead, and China softening its tone on strict COVID-19 rules. The pan-European STOXX 600 index rose 0.9% by 0810 GMT, after rising 6.8% in November, its best month since July. Technology and industrial stocks were among …

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Ukraine’s Kherson loses power supply after Russian shelling – governor

Ukraine's Kherson loses power supply after Russian shelling - governor

The recently liberated Ukrainian city of Kherson has lost its power supply after heavy shelling by Russian forces, the regional governor said on Thursday. Kherson, which had endured weeks without basic utilities such as running water and electricity, partially regained its power supply last week after Ukrainian forces recaptured the southern city from Russian forces …

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BOJ policymaker signals chance of ‘pre-emptive’ stimulus withdrawal

BOJ policymaker signals chance of 'pre-emptive' stimulus withdrawal

Bank of Japan board member Asahi Noguchi said on Thursday the central bank could “pre-emptively” withdraw monetary stimulus if trend inflation, which takes into account wage and services prices, overshoots expectations and stays above its 2% target. A proponent of massive monetary easing, Noguchi said the likelihood of a near-term exit from ultra-loose policy was …

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Dollar slumps on Powell’s comments; Yen benefits the most

Dollar slumps on Powell's comments; Yen benefits the most

The U.S. dollar slumped in early European trade Thursday after Federal Reserve chair Jerome Powell pointed to smaller rate hikes ahead, boosting risk appetite to the detriment of this safe haven. At 03:05 ET (08:05 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.2% to 105.705, extending Wednesday’s …

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EU leaders to push forward defence investment programme at December summit

EU leaders to push forward defence investment programme at December summit – draft

European Union leaders are pushing for the swift establishment of an investment program to boost output in the bloc’s defense industry because of the war in Ukraine, according to draft conclusions for a Dec. 15-16 summit. “The European Council (…) calls on the Commission to swiftly present a proposal for a European defence investment programme …

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Former Chinese President Jiang Zemin Dies at 96

Former Chinese President Jiang Zemin Dies at 96

Former Chinese President Jiang Zemin died on Wednesday at the age of 96 from leukaemia and multiple organ failure, Chinese state media reported. Jiang died at 12:13 local time (0413 GMT) in his hometown of Shanghai, according to the official Xinhua news agency, which published a letter addressed to the citizens of the ruling Communist …

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Brussels proposes plan to seize frozen Russian assets

Brussels proposes plan to seize frozen Russian assets

The European Commission on Wednesday proposed seizing frozen Russian assets to punish Moscow for its invasion of Ukraine, exploring legal options with EU partners to compensate Kiev for the damage caused to the country. Senior officials from the European Union, the United States and other Western countries have been debating for months how to legally …

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