September, 2022

• 23 September

  South Korea’s Yoon overheard insulting US Congress

  

  Bloomberg South Korean leader Yoon Suk Yeol was overheard insulting American lawmakers, after briefly meeting President Joe Biden to discuss issues including US electric-vehicle subsidies that South Korea wants to change. “What an embarrassment for Biden, if these idiots refuse to grant it in Congress,” video broadcast on South Korean television showed Yoon telling Foreign Minster Park Jin in New ...

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• 23 September

  Imran Khan calls for fresh Pakistan protests

    Bloomberg Pakistan’s former prime minister Imran Khan plans to resume his push for snap elections in the South Asian nation even as he faces legal worries that could derail his political career. Khan asked his supporters to prepare for the new protest — the “True Freedom” movement —which would start Saturday. He gave no other details. In the past, ...

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• 23 September

  Japan intervenes to support yen for first time since 1998

  

  Bloomberg Japan intervened to prop up the yen for the first time since 1998, after its central bank sparked further declines in the currency by sticking with ultra-low interest rates as its global peers hiked. The yen rose as much as 2.5% against the dollar, pulling back sharply from the lows of the day when it had breached a key ...

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• 23 September

  Powell’s rate hike till inflation breaks makes dollar king trade

  

  Bloomberg The surging dollar is showing there’s only one macro asset worth buying when the Federal Reserve tightens above its long-term neutral rate. Traders offloaded stocks, bonds and major currencies for a second day after the US central bank raised rates for a fifth time this year. The yen, the biggest Group-of-10 loser, briefly slid past 145 per dollar, prompting ...

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• 23 September

  Citi proposes revamp of UK retail banking, Canary Wharf branch

  

    Bloomberg Citigroup Inc wants to focus its UK retail-banking operation on its wealthiest customers as the Wall Street giant revamps its overseas presence. The company will invite UK customers that meet the profile of its private bank to make use of those services as it winds down the operation, according to a statement about the proposal. The majority of ...

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• 23 September

  Yuan losses deepen highlighting limits of PBOC currency defense

  

  Bloomberg China’s yuan is set for its longest losing streak since June even after the central bank sought to support the currency with stronger-than-expected fixings in every single session for nearly a month. The onshore yuan slid for the fourth straight day to trade just 0.5% shy of the weak end of its allowed trading range with the greenback following ...

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• 23 September

  JPMorgan wins Texas municipal-bond deal

    Bloomberg JPMorgan Chase & Co won a competitive auction for a municipal-bond deal sold by a Texas school district, marking a major step for the bank after it paused most public-finance work in the state because of a new Republican law targeting Wall Street’s gun policies. Frisco Independent School District, about 30 miles (48 kilometres) north of Dallas, awarded ...

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• 23 September

  Thai officials pile pressure on central bank to shield baht

  

    Bloomberg Thailand’s central bank and the finance ministry will soon meet to discuss the baht after it tumbled to the lowest in nearly 16 years, signalling growing concerns among officials that the currency slump can threaten a tepid recovery and stoke inflation. The ministry and Bank of Thailand (BOT) will discuss the baht’s weakness as the nation needs “to ...

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• 23 September

  US equity futures waver as inflation battle intensifies

  

  Bloomberg US equity futures wavered and Treasury yields edged higher after the Federal Reserve signaled it would risk a recession to beat inflation, precipitating a wave of monetary tightening from other central banks. Contracts on the S&P 500 fluctuated after the benchmark’s tumble when the Fed unleashed a third consecutive 75 basis-point hike and indicated another of the same magnitude ...

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• 23 September

  Bitcoin erases drop triggered by Fed’s warning of rate-hike

  

  Bloomberg Cryptocurrencies fought off declines triggered by another large Federal Reserve interest-rate hike, though sentiment remained cautious given the central bank’s warning of economic pain ahead from tightening policy. Bitcoin, the largest token, was about 1.2% higher in London after earlier sliding as much as 4% towards levels last seen in 2020. Second-biggest coin Ether continued to underperform, shedding 2%. ...

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