August, 2022

• 18 August

  Yuan tumbles to 3-month low, putting PBOC fixing on focus

  

    Bloomberg China’s central bank set its fixing for the yuan weaker, failing to show any overt pushback after the currency slid to a three-month low against the dollar the previous day. The People’s Bank of China (PBOC) set the yuan reference at 6.7730 per dollar, 0.5% lower than the previous print, the largest daily cut since August 3. The ...

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• 18 August

  Credit Suisse is facing fresh China setback post executive exodus

  

    Bloomberg Credit Suisse Group AG is facing a further delay in getting approvals for some of its China operations after a flurry of senior management departures, according to people familiar with the matter. The Swiss bank lost nearly half of the senior personnel management at its China securities ventures in recent months, including Chief Financial Officer Annie Qiu, compliance ...

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• 18 August

  Philippine central bank to raise its key rate to 4% this quarter: Survey

  

    Bloomberg The Philippine central bank will sustain its rate-hike cycle this quarter, following a surprise move in July, to quell broadening price pressures, according to Bloomberg survey of economists. The benchmark interest rate is expected to increase by another 75 basis points to 4% by the end of September, a survey showed. Bangko Sentral ng Pilipinas is seen to ...

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• 18 August

  Australia’s central bank signals more rate hikes

    Bloomberg Australia’s central bank (RBA) signalled further interest-rate increases would come in the period ahead, while restating it will be guided by incoming economic data and the inflation outlook. “The board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path,” minutes of the Reserve ...

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• 18 August

  Uruguay lifts interest rate to 10.25%

    Bloomberg Uruguay’s central bank raised its key interest rate for a ninth consecutive meeting to 10.25% with inflation expectations remaining stubbornly above its target. Policy makers tightened by 50 basis points and signalled more half point hikes later in the year. The increase marked the first time the central bank lifted borrowing costs into the double digits since it ...

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• 18 August

  US futures decline as Fed worries outweigh earnings

  

    Bloomberg US stock-index futures decline as concerns over the Federal Reserve’s aggressive rate-hike path outweighed robust corporate earnings and China’s stimulus plans. September contracts on the S&P 500 Index slipped 0.5% after the equity benchmark posted modest gains amid a rally in retailer stocks. Nasdaq 100 futures retreated 0.7% signalling a selloff in technology names will continue. The dollar ...

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• 18 August

  Tesla pauses after stock rallies 50% from its May bottom

  

    Bloomberg Tesla Inc whipsawed after a relentless surge that pushed the stock up 50% from its May bottom lost some momentum, with investors broadly souring on growth stocks. The electric-vehicle maker closed down 0.9% at $919.69 after fluctuating throughout the trading session. It jumped as much as 1.7%, taking the stock up 50% from the May 24 closing low ...

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• 18 August

  Chipmakers flashing more warnings on global economy

    Bloomberg Mounting concern over semiconductor demand is sending shudders through North Asia’s high-tech exporters, which historically serve as a bellwether for international economy. South Korean behemoths Samsung Electronics and SK Hynix Inc. have signaled plans to dial back investment outlays, while across the East China Sea, the world’s biggest contract chipmaker Taiwan Semiconductor Manufacturing Co. indicated a similar expectation. ...

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• 17 August

  UAE continues strengthening its food security, says ministry

  

    Abu Dhabi / WAM The UAE is continuing to strengthen its food security system, through a comprehensive range of policies that include promoting cooperation with other countries and markets, diversifying sources, and attracting local and foreign agricultural investment. The country’s food import rate increased by 21 percent in the first half of 2022, recording over 41,000 tonnes of imported ...

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• 17 August

  Sheikh Mohamed wishes President of Burundi on assuming presidency

    Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, sent a written letter to General Evariste Ndayishimiye, President of the Republic of Burundi, congratulating him on the occasion of assuming the presidency of the East African Community. The letter was delivered by Sheikh Shakhboot bin Nahyan Al Nahyan, Minister of ...

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