September, 2022

• 7 September

  Bed Bath & Beyond shares fall after CFO’s death

    Bloomberg Bed Bath & Beyond Inc. declined after Chief Financial Officer (CFO) Gustavo Arnal falls to his death from a Manhattan skyscraper. The shares of the struggling home-goods retailer slumped by as much as 25% in pre-market activity on Tuesday, the first day of trading after the US Labour Day weekend. The Union, New Jersey-based company confirmed on Sunday that ...

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• 6 September

  RBA raises key rate to 7-year high, signals more to come

  

    Bloomberg Australia’s central bank raised interest rates by a half-percentage point for a fourth consecutive meeting and signalled further hikes ahead in its drive to rein in inflation. The Reserve Bank of Australia (RBA) took the cash rate to 2.35%, the highest level since 2015, in a widely expected announcement on Tuesday. The tightening is Australia’s quickest in a ...

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• 6 September

  France mulls changes to mortgage lending rules

  

  Bloomberg France is considering changes to mortgage lending rules to ensure credit to households as the European Central Bank delivers sharp rate increases to counter surging inflation. At present, French regulations cap rates that banks can offer based on average rates in the past quarter plus an extra premium. Some banks have become reluctant to accept loan applications as rates ...

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• 6 September

  China cuts forex reserve ratio in bid to support tumbling yuan

  

    Bloomberg China has reduced the amount of foreign-exchange deposits banks need to set aside as reserves for the second time this year to boost the yuan after the currency hit a two-year low. Financial institutions will need to hold 6% of their foreign-currency deposits in reserves starting from September 15, the People’s Bank of China (PBOC) said in a ...

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• 6 September

  Ringgit falls to lowest level since Asian financial crisis

    Bloomberg The Malaysian ringgit tumbled to a 24-year low as a stronger dollar and domestic political risks damped sentiment. The ringgit falls as much as 0.2% to 4.5015 per dollar as it breached the 4.5002 mark reached in January 2017. The Malaysian currency is now at its weakest level since January 1998, during the Asian Financial Crisis. A resurgent ...

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• 6 September

  RBI acts to anchor rupee depreciation expectation

  

  Bloomberg The Reserve Bank of India (RBI) is in the currency market almost everyday with the twin objective of curbing volatility and anchoring expectations for rupee depreciation, the central bank’s Governor Shaktikanta Das said. “Exchange rate stability is an intrinsic element of our overall macroeconomic and financial stability,” Das said in Mumbai. “Our endeavour, amidst the extraordinary events unfolding globally ...

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• 6 September

  US futures, European stocks advance; pound rebounds

  

    Bloomberg US stock futures climbed, with dip buyers drawn to attractive valuations after three weeks of Wall Street declines. European stocks rose as investors assessed responses to the region’s energy crisis ahead of the European Central Bank’s policy meeting later this week. S&P 500 and Nasdaq 100 contracts both advanced by more than 0.6%, with cash trading set to ...

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• 6 September

  Indonesia joins Asia dollar bond rush with sovereign deal

  

    Bloomberg Indonesia marketed a benchmark-sized dollar bond, joining a flurry of activity in Asia as issuers took advantage of a let-up in borrowing costs. The offer features three tenors, according to a person familiar with the matter, who asked not to be identified because they’re not authorised to speak about the matter. Yields on the sovereign’s existing dollar bonds ...

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• 6 September

  Europe’s commodity firms buckling under energy crisis

  

    Bloomberg Europe’s energy crisis is getting worse, piling pressure on the commodities industries that provide building blocks for the continent’s economy. Power- and gas-intensive sectors such as steel, fertilisers and aluminum — the most widely used base metal — are being forced to close factories or pass on soaring costs to customers. Even sugar makers are feeling the pinch. ...

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• 6 September

  Nordic lawmakers scrutinise $33bn power backstop

  

  Bloomberg Lawmakers in Sweden and Finland are reviewing their $33 billion emergency backstop plans devised over the weekend to prevent utilities from defaulting after a fresh surge in energy prices. The two governments announced liquidity facilities made up of loans and credit guarantees to avoid some power companies going into technical defaults over climbing collateral requirements. The aim is to ...

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