December, 2022

• 27 December

  Chips, entertainment drag Korea stocks to worst rout since 2008

  

  Bloomberg While declines in chip and Internet giants have put South Korean equities on course for their worst year since the global financial crisis, investors found winners in the electric-vehicle supply chain and defense sector. The benchmark Kospi is down about 22% in 2022, headed for its largest loss since 2008. The biggest drags include a 26% decline in Samsung …

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• 27 December

  Stocks buoyed by China reopening; dollar sinks

  

    Bloomberg Equities climbed on Tuesday while the dollar declined amid positive sentiment from China’s rollback of Covid isolation measures and the cooling of a key inflation gauge in the US. Chinese, Japanese and South Korean shares rose, with travel and consumer goods stocks higher in Tokyo and Seoul after China moved to end quarantine for inbound visitors. Futures contracts …

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• 27 December

  World economy faces recession in 2023, says British consultancy

  

  Bloomberg The world faces a recession in 2023 as higher borrowing costs aimed at tackling inflation cause a number of economies to contract, according to the Centre for Economics and Business Research (Cebr). The global economy surpassed $100 trillion for the first time in 2022 but will stall in 2023 as policy makers continue their fight against soaring prices, the …

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• 26 December

  Vietnam’s TPBank sees 15% rise in 2023 profit

  

    Bloomberg Vietnam’s Tien Phong Commercial Joint Stock Bank (TPBank) expects its pretax profit to rise 15% next year as the nation’s pioneer in adopting automation technology benefits from cost savings, according to Chief Executive Officer Nguyen Hung. “We see a 15% rise in pretax profit next year is quite doable as we aim to increase using robotic process automation …

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• 26 December

  Kuroda emphasises BOJ’s new policy tweaks ‘are not an exit’

  

    Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda stressed that the bank’s latest tweaks on its bond yield control program were not the beginning of an exit of monetary easing, but a way to make it sustainable and run smoothly. “This is definitely not a step towards an exit,” Kuroda said in a speech at an event hosted by …

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• 26 December

  Colombia’s rate hikes nearing an end: Villar

    Bloomberg The steepest series of interest rate increases in Colombia is nearing an end as inflation is expected to slow sharply with the economy set for a hard landing next year, the country’s central bank chief said. Policymakers have responded to the highest inflation in more than two decades — due mainly to international factors — with a “contractionary” …

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• 26 December

  Adani effect propels India stocks past most world markets in ’22

  

  Bloomberg India is set to rank among this year’s best-performing major stock markets globally, overcoming concerns about higher interest rates and an economic slowdown that has mired peers. The S&P BSE Sensex Index is up 3% so far in 2022, the biggest gain in the world after measures in Singapore and Indonesia. A solid run of earnings buoyed key Indian …

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• 26 December

  Stocks advance, currencies mixed in cautious trading

  

    Bloomberg Stocks made small advances while currencies were mixed in Asia on Monday amid cautious trading and reduced liquidity with many markets closed for holidays. Benchmark equity indexes for mainland China, Japan and South Korea climbed less than 1%, with a gain of just above that for India. Other markets including Hong Kong, Singapore and Australia were shut. Appetite …

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• 26 December

  Russia says it may reduce daily oil output by 700,000 barrels

  

    Bloomberg Russia may reduce its oil output by 500,000-700,000 barrels a day in early 2023 in response to the Group of Seven’s price cap on the nation’s crude exports, according to Deputy Prime Minister Alexander Novak. “We are ready to partially cut our production early next year,” he said in an interview with Rossiya-24 TV channel, adding the volumes …

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• 25 December

  Amazon looks to sell excess air cargo space as demand cools

  

    Bloomberg Amazon.com Inc is trying to sell excess space on its cargo planes, according to people familiar with the matter, its latest effort to adjust from a rapid pandemic-era expansion to a slowdown in online growth. The e-commerce retailer, which has a fleet of about 100 planes in the US and Europe, in recent months has hired executives with …

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