November, 2022

• 25 November

  South Korea may order striking truck drivers to return to work

  

  Bloomberg A South Korean official said the government is considering issuing an order to disband a strike by truck drivers that has blocked ports and industrial complexes, hampering supplies of key exports. “We are doing our best to minimize supply disruptions and taking emergency steps,” said Transport Minister Won Hee-ryong during a visit to the port of Busan on Thursday. ...

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• 25 November

  Adani’s flagship to raise $2.5b via share sale

    Bloomberg Adani Enterprises Ltd. seeks to raise 200 billion rupees ($2.5 billion) by selling new shares as billionaire Gautam Adani’s flagship firm looks to increase its free float and improve leverage ratios. The board of the Ahmedabad-based company, helmed by Asia’s richest person, approved a further public offer of equity shares, according to an exchange filing Friday. The breakneck ...

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• 25 November

  Baidu posts surprise sales gain as investors eye turnaround

  

  Bloomberg Baidu Inc. posted a surprise gain in revenue after cost cuts helped prop up the bottom line and online advertising held up better than anticipated against China’s economic downturn. Sales rose slightly to 32.5 billion yuan ($4.6 billion) in the September quarter, beating expectations for 31.8 billion yuan. The company posted a net loss of 146 million yuan in ...

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• 25 November

  Financial system to weather rate hike risks, says Bank of Canada

  

  Bloomberg The Bank of Canada’s No. 2 official said the country’s financial system will be able to weather growing stability risks stemming from higher interest rates and inflation that’s causing hardship for many households. In prepared remarks of a speech delivered in Ottawa, Senior Deputy Governor Carolyn Rogers said risks for Canada are mitigated by financial reforms since the 2008-09 ...

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• 25 November

  Riksbank sees more hikes after rate salvo on cusp of slump

  

    Bloomberg The Riksbank raised borrowing costs by 75 basis points and signalled more tightening is needed to tame inflation even as it predicted a worsening slump for Sweden’s economy. In his final decision as central-bank governor, Stefan Ingves and his colleagues lifted the key interest rate to 2.5%, the highest since 2008. Most economists anticipated the move. Officials raised ...

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• 25 November

  BOE must continue raising rates regardless of pain, says Ramsden

  

    Bloomberg The Bank of England (BOE) must continue raising interest rates to bring inflation back to 2% even if it means more hardship for households, Deputy Governor Dave Ramsden said. Citing concerns about the tight labour market and high inflation expectations, Ramsden said his bias was for further tightening. The BOE has raised rates eight times since December to ...

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• 25 November

  Australia set to raise key rate to 3.6% to cool prices

  

    Bloomberg Australia’s central bank will raise interest rates three more times and then pause from mid-2023 as it tries to slow demand and consumer prices without triggering a recession, economists say. The Reserve Bank will lift its cash rate to 3.6% by June, the median estimate of 35 analysts in a Bloomberg survey showed, up from last month’s forecast ...

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• 25 November

  Libor jumps to highest in 14 years

    Bloomberg The three-month London interbank offered rate for dollars climbed to the highest level since the financial crisis in an otherwise quiet day for the front-end of fixed income markets. The benchmark rate for lending between banks rose for the third straight session, climbing roughly 5.9 basis points to 4.75729%, the highest since October 2008. The spread of Libor ...

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• 25 November

  China signals likely reserve requirement cut to aid growth

  

    Bloomberg China signalled that more monetary policy stimulus — including a cut to the reserve requirement ratio — is on the table as it looks to boost lending and support the flagging economy. Tools will be used “in a timely and appropriate manner” to maintain reasonably ample liquidity, the State Council said, broadcaster CCTV reported. The People’s Bank of ...

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• 25 November

  Stocks fluctuate as traders mull rates, China stimulus

  

    Bloomberg US equity futures and European stocks fluctuated as investors assessed prospects for less-aggressive central bank tightening and weighed China’s latest move to stimulate its economy as Covid-19 infections rise. S&P 500 contracts inched higher before an abbreviated Thanksgiving weekend cash trading session on Wall Street. Those on the Nasdaq 100 were steady. Energy companies climbed in premarket as ...

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