September, 2022

• 26 September

  Wall Street banks prep for grim China scenarios over Taiwan

  

    Bloomberg Global financial firms, still smarting from multi-billion dollar losses in Russia, are now reassessing the risks of doing business in Greater China after an escalation of tensions over Taiwan. Lenders including Societe Generale SA, JPMorgan Chase & Co, UBS Group have asked their staff to review contingency plans in the past few months to manage exposures, according to ...

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• 26 September

  Japan yen intervention was appropriate: BOJ’s Kuroda

  

  Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda said the government’s intervention in the foreign exchange market last week was appropriate given the recent volatility in the yen. The government’s action didn’t contradict with the BOJ’s ongoing monetary stimulus as the former is aimed at countering rapid, one-sided slide in the yen while the central bank’s monetary easing needs to ...

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• 26 September

  Naira’s gap with official rate widens to most since 2016

  

    Bloomberg A wide gap has emerged between Nigeria’s official and parallel market exchange rates of the naira, the widest since 2016, as central bank failure to meet increasing dollar demand puts pressure on the currency. The local currency unit weakened to 715 naira against the dollar in the unauthorised parallel market, according to Umar Salisu, a bureau de change ...

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• 26 September

  Swiss National Bank chief Jordan hints at further interest-rate hikes

  

    Bloomberg Further Swiss National Bank interest rate hikes can’t be excluded, central bank chief Thomas Jordan said, stressing his determination after his institution’s latest move fell short of market expectations. Although inflation in Switzerland is lower than elsewhere, “in this country, too, it has still increased much more than was generally expected”, Jordan said at the University of Lucerne, ...

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• 26 September

  ECB’s Simkus says half point is minimum hike for October

    Bloomberg The European Central Bank (ECB) will raise borrowing costs next month by at least a half-point as inflation pressures worsen, according to Governing Council member Gediminas Simkus. “Based on data I see now, the inflationary trends are intensifying,” the Lithuanian central bank chief told reporters on Monday in Vilnius. “There are a few options on the table” for ...

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• 26 September

  RBA’s digital currency pilot likely next year

    Bloomberg The Reserve Bank of Australia (RBA) is working to identify business models and uses for a central bank digital currency, or eAUD, and is likely to conduct a pilot early next year. The project, which began in July, will help “further understanding of some of the technological, legal and regulatory considerations associated with a CBDC,” the RBA and ...

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• 26 September

  China’s CCB to set up $4.2 billion fund to buy properties

  

    Bloomberg China Construction Bank Corp (CCB) will set up a 30 billion yuan ($4.2 billion) fund to buy properties from developers, as policy makers beef up efforts to contain a real estate crisis that’s weighing on the economy. The fund will “invest in existing assets” of real estate companies and renovate the properties into rental housing, the lender said ...

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• 26 September

  Global risk assets tumble as pressure on UK mounts

  

    Bloomberg Global risk assets extended their selloff on Monday as fears of faster inflation and global recession continued to rise. UK markets were in focus as the pound crashed to an all-time low and bond yields surged to the highest in more than a decade, sparking talk of emergency action by the Bank of England. The market mayhem unleashed ...

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• 26 September

  Crypto duelling with the dollar to be this quarter’s top performer

  

    Bloomberg Wild gyrations in markets have left cryptocurrencies duelling with the dollar for the title of top-performing asset this quarter. The MVIS CryptoCompare Digital Assets 100 Index has added 7.3% since the end of June, whereas stocks, bonds, commodities and gold suffered losses. The Bloomberg Dollar Spot Index is up by a similar magnitude over the period, reaching a ...

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• 26 September

  UAE inks deal with German firms to develop hydrogen strategy

  

  Abu Dhabi / WAM The Ministry of Energy and Infrastructure (MoEI), announced that it had signed an agreement with GHD Group, in partnership with the Germany-based Fraunhofer–Gesellschaft, to develop its National Hydrogen Strategy. As part of the UAE’s Hydrogen Roadmap and the ongoing commitment to decarbonisation and energy transition, the National Hydrogen Strategy will help establish the UAE’s hydrogen vision ...

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