October, 2022

• 31 October

  Chinese stocks extend losses on lockdowns, weak economic data

  

  Chinese shares extended losses following last week’s selloff as a ramp-up of Covid-19 restrictions and poor economic data worsened the outlook for the market. The Hang Seng China Enterprises Index ended on Monday’s volatile session with a 1.8% loss, closing at its lowest since November 2005. Property shares plunged, while tech shares bucked the downtrend following BYD Co.’s record earnings. ...

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• 31 October

  Dovish FOMC would see traders scrambling to catch up, says survey

  

  For months, investors have been eagerly awaiting a Federal Reserve policy pivot. But now, at least for some, it might come too soon. The latest MLIV Pulse survey suggests that if the Fed Chair Jerome Powell gives any dovish Federal Open Market Committee (FOMC) signals during this week’s press conference, he might send investors scrambling. Almost half of 250 respondents polled ...

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• 31 October

  Nigeria redesign of naira bank notes to help ease inflation, says Buhari

  

  Nigeria’s President Muhammadu Buhari said the central bank’s plan to replace high-value currency notes will help the economy deal with currency counterfeiting, excess cash in circulation and address inflation, which climbed to a 17-year high in September. The central bank has Buhari’s support to launch the new currency designs and he “is convinced that the nation will gain a lot ...

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• 31 October

  Africa’s largest bank open to acquisitions in Nigeria, Kenya

  

  Standard Bank Group Ltd. is open to acquisitions in Nigeria and Kenya as Africa’s biggest lender by assets expands its presence in key markets on the continent. The lender is also keen to bolster its businesses in Ethiopia — where it has a representative office — and its home-market South Africa, Standard Bank Chief Executive Officer Sim Tshabalala said. In ...

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• 31 October

  Malaysia’s RHB plans to launch digital bank

  

  RHB Bank Bhd. plans to introduce its digital banking platform as early as the second half of next year, its top executive said, as Malaysia’s fifth biggest lender looks to hold back a tide of fintech startups. The bank and its partner Boost, an arm of communications giant Axiata Group Bhd., could invest as much as 1 billion ringgit ($212 ...

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• 31 October

  Japan spent $42b in October to prop up yen, says ministry

  

  Japan spent a record 6.3 trillion yen ($42.4 billion) in October to counter the yen’s sharp slide against the dollar, as it tried to limit speculative moves adding to pressure on the currency. The finance ministry disclosed on Monday data for the period between September 29 to October 27. Central bank figures and market estimates of money flows with the ...

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• 31 October

  Airbus sticks to delivery target despite supply chain problems

  

  Airbus SE maintained its year-end delivery target for aircraft, while cautioning that production disruptions could last into next year amid persistent shortage in labour and raw materials at suppliers. The planemaker said it still strives to hand over 700 aircraft this year, and the company is working towards boosting output of its bestselling A320 family to 75 by 2025. Airbus ...

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• 31 October

  Boeing expects China air fleet to double in size in two decades

  

  Boeing Co. released a bullish 20-year forecast for China’s commercial jet market, confident that the country can emerge from the challenges of Covid-19 and a slowing economy and be a major driver of sales. The US manufacturing giant expects China to need 8,485 new passenger and freighter planes valued at $1.5 trillion through 2041. That figure is more than a ...

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• 31 October

  An investor’s guide to debt-ceiling fight

  

  Aaron Brown The debt ceiling is one of those perennial issues in US politics that occasionally rises to a major concern. The ceiling has been raised, suspended or adjusted 28 times since 1993, usually with little drama. But there were major fights in 1995, 2011 and 2013 that led to extended government shutdowns and concern the US would default on ...

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• 31 October

  Don’t count on Sunak to protect your UK pension

  

  Stuart Trow Liz Truss lasted only 44 days as UK prime minister. But her legacy in respect of your pension will almost certainly endure for decades. It is important to understand how this might affect you and how best to respond. One of Truss’s last acts as PM was to reaffirm the government’s commitment to raise the state pension each ...

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