March, 2023

• 5 March

  China sets for weak showing as growth target disappoints

  

  BLOOMBERG Chinese markets may come under pressure again on concerns that authorities will withhold stimulus after unveiling a conservative economic growth target that is below many investors’ expectations. The consensus-lagging growth goal of around 5% for 2023, as Premier Li Keqiang outlined in a key address to open the National People’s Congress, suggests strong monetary or fiscal help may be ...

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• 5 March

  Thailand spent $12.8b in 3 years to fight Covid-19

  

  BLOOMBERG Thailand spent a total of 444 billion baht ($12.8 billion) on public health during the three years of the pandemic to contain the spread of Covid-19 and vaccinate its population, according to the Ministry of Public Health. The cost of testing and treating people for Covid accounted for more than half the total spending at 260 billion baht, the ...

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• 5 March

  Takeda offers dengue shot cheaper in Brazil, Indonesia

  

  BLOOMBERG Takeda Pharmaceutical Co will sell its dengue vaccine at a steep discount in emerging markets, part of its plan to make sure that people most vulnerable to the life-threatening disease will have access to the immunisation. The cost for Qdenga in Indonesia will be about one-third its European price, far lower than many other innovative vaccines, Takeda Chief Executive ...

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• 5 March

  India’s services output in Feb sees sharpest rise in 12 years

  

  BLOOMBERG Activity in India’s dominant services sector climbed to the highest level in 12 years, aided by new business orders and moderation in cost pressures amid resilient demand in the economy. The S&P Global India Purchasing Managers Index for services rose to 59.4 in February from 57.2 in the previous month, according to a statement. A number above 50 shows ...

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• 5 March

  Sri Lanka to free rupee after surprise rate hike to win bailout

  

  BLOOMBERG Sri Lanka vowed to soon restore a flexible exchange-rate regime after unexpectedly raising its benchmark interest rate as the troubled nation looks to secure a $2.9 billion International Monetary Fund (IMF) bailout to steady its economy. “Sri Lanka’s rupee will be fully market-driven from next week,” Governor Nandalal Weerasinghe said at a press briefing after the Central Bank of ...

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• 5 March

  Mexico’s peso surges to key 18-per-dollar level

  

  BLOOMBERG Mexico’s peso briefly strengthened past a key 18-per-dollar mark for the first time in five years as the nation’s high interest rates and proximity to the US lure traders. The currency rose as much as 0.7% to 17.9952 against the greenback, the highest intraday level since April 2018. The peso is the best performer of the year so far ...

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• 5 March

  Federal says more interest-rate hikes needed to restore price stability

  

  BLOOMBERG The Federal Reserve said that further interest-rate hikes would be required to restore price stability. “The committee is strongly committed to returning inflation to its 2% objective,” the Fed said in its semi-annual report to Congress. Officials expect that “ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is ...

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• 5 March

  Bank of Canada risks falling too far behind Fed: Scotia

  

  BLOOMBERG The Bank of Canada (BoC) is limited in how much its interest rate increases can lag behind those of the Federal Reserve, with the gap threatening to weaken its currency and fuel inflation, according to an economist at Bank of Nova Scotia. Canada’s central bank was able to tighten less than the Fed in previous cycles when core inflation ...

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• 5 March

  ECB’s policy pioneer warns of more inflation shocks to come

  

  BLOOMBERG One of the pioneers of European Central Bank (ECB) monetary policy has a stark warning for officials about the threat of more inflation bearing down on the region’s economy. Otmar Issing, the former Bundesbanker who became the first chief economist of the Frankfurt-based institution in 1998, reckons further consumer-price pressures may already be in the pipeline. “I expect that ...

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• 5 March

  Boeing seals 737 Max order from HK’s Greater Bay Air

  

  BLOOMBERG Hong Kong’s newest carrier Greater Bay Airlines Co ordered 15 Boeing Co 737-9 Max jets and committed to five 787s as it looks to rapidly expand its network. The Max order is worth around $785 million, according to figures from aircraft appraiser Avitas Inc, while the five Dreamliners are worth $722 million, based on the 787-9 model and factoring ...

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