The Chinese yuan and the Hang Seng are in freefall!!!
With President Xi securing a third term and refusing to back away from the COVID-zero strategy, it has further fanned fears of a global recession as China’s growth is likely to suffer as a consequence. This has seen the Chinese currency continue to move lower against the US dollar and propelled USD/CNH to a record higher. And not wanting to miss out on the action, the Hang Seng touched a fresh 13-year low yesterday. chart Whilst the yuan has fallen sharply against the US dollar, its depreciation is broad based. This month alone the yuan has lower against the Korean Won, Indian and Indonesian Rupee, Australian ...
French private sector economy stagnates at the start of the fourth quarter!!
Having registered a continuous period of expansion since April 2021 when COVID-19 restrictions began to ease, the French economy stagnated in October. Business activity was hindered by demand conditions, with the latest survey data signalling a third successive decline in new order inflows as high prices and rising uncertainty were reported to have curbed client appetite. Inflationary pressures remained historically elevated in October as companies continued to face high input costs, particularly relating to energy, leading firms to pass these through to their customers via higher charges. Business confidence ...
Germany PMI sinks deeper into contraction territory in October
The downturn in the German economy deepened at the start of the final quarter of 2022, latest ‘flash’ PMI® data from S&P Global showed. Business activity fell for the fourth month running and at an accelerated rate, amid reports of the detrimental impact of high energy prices on both business costs and demand. Firms’ expectations remained deeply negative, reflecting concerns over persistently strong inflationary pressures, rising interest rates and the prospect of a recession. The survey did, however, point to ongoing resilience in the labour market. The headline S&P Global Flash Germany PMI Composite Output ...
Japanese Yen Whipsawed Against US Dollar on Intervention Speculation
The Japanese Yen has been hit from pillar to post to start the week with the Bank of Japan (BoJ) believed to be actively selling USD/JPY, but there has not been any official confirmation at this stage. USD/JPY made a fresh 32-year peak last Friday at 151.95 before it collapsed. Today’s Japanese PMI numbers have taken a back seat to the wild price action in USD/JPY. For the record, the October Jibun Bank composite PMI was 51.7 against 51.0 previously and the manufacturing PMI was 50.7, slightly below 50.8 the prior month. The services PMI came in at 53.0, above September’s 52.2 The backdrop to this price action is ...
Ukraine, allies reject Russian defense chief's claim of ''DIRTY B*MB'' provocation from Ukraine
Ukraine and several of its allies, including the United States, have rejected a claim from Russia's defense minister, who said that Ukraine was preparing to detonate a "dirty bomb" in its own territory. Russian Defense Minister Sergei Shoigu made the claims in a series of calls with U.S., British, French and Turkish defense officials. "We reject reports of Minister Shoygu's transparently false allegations that Ukraine is preparing to use a dirty bomb on its own territory. The world would see through any attempt to use this allegation as a pretext for escalation." said U.S. National Security Coucil spokesperson ...
Economists expect CA inflation to ease in September!!!
Economists expect inflation will ease for a third straight month in September, but still remain significantly higher than the Bank of Canada’s two per cent target.
The median estimate from economists tracked by Bloomberg is for a 6.8 per cent year-over-year increase to Canada's consumer price index (CPI) during September. In August, Statistics Canada reported inflation rose seven per cent on a year-over-year basis, which was down from 7.6 per cent in July.
Canadian dollar lags most G10 peers ahead of key inflation data. Hawkish RBA Minutes give hope to Aussie bulls
Canadian dollar lags most G10 peers ahead of key inflation data. Hawkish RBA Minutes give hope to Aussie bulls
What you need to know about the global energy crisis this week!!
'Big Six' loans support Chinese economy!!
China's "Big Six" State-owned commercial banks measured by assets have announced a surge in loans to customers across the board in the first three quarters of this year, amid strengthened efforts to stabilize the overall economy. "In pursuing economic growth, we must continue to focus on the real economy," said the report to the 20th National Congress of the Communist Party of China, delivered on Sunday
Prince William has made a difficult decision. He sent out invitations to Harry and Meghan.
Prince William has made a difficult decision. He sent out invitations to Harry and Meghan.
After the queen passed away, King Charles III planned to get rid of Meghan
After the queen passed away, King Charles III planned to get rid of Meghan
I'm living here
I'm living here
