August, 2022

• 12 August

  Joko Widodo’s rival eyes third Indonesian presidential run

    Bloomberg Indonesian Defense Minister Prabowo Subianto will run for the presidency in 2024, hoping the third time’s a charm as he tops popularity surveys on the back of his strongman image and support from the majority Muslim population. Prabowo, who leads Indonesia’s third largest party Gerindra, announced his intention in a briefing after a party meeting on Friday. The ...

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• 12 August

  China’s inflation warning raises bar for further easing by PBOC

  

    Bloomberg The People’s Bank of China (PBOC) said it will safeguard the economy against inflation threats, pledging to avoid massive stimulus and excessive money printing to spur growth. The central bank will both support economic growth and ensure stable prices, the PBOC said in its quarterly monetary policy report. At the same time, it will provide stronger and higher-quality ...

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• 12 August

  India’s HDFC bank executes rare trade to hedge rate risk

  

    Bloomberg India’s largest mortgage financier used an unusual trade to hedge some of its borrowings against interest rate volatility as it sought to expand its range of tools to manage risk. Housing Development Finance Corp, (HDFC) the nation’s biggest rupee-bond issuer this year, used a so-called total return swap to hedge rate risks on a debt issuance which closed ...

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• 12 August

  Credit card spending in US slowing down: BofA

  

    Bloomberg Credit-card spending is slowing down as US consumers feel the impact of rising rents and other increased costs, according to Bank of America Corp (BofA). Spending on credit and debit cards per household increased in July by 5.3% from a year earlier, down from 5.7% in June, Bank of America Institute said in a report. That pace lags ...

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• 12 August

  Thai central bank to get more powers in crypto law overhaul

  

    Bloomberg Thailand plans to overhaul its digital rules to confer more powers on the central bank and tighten the oversight of platforms offering cryptocurrencies and other tokens after a recent market rout left retail investors reeling from losses. The planned amendments to the regulations will “bring the central bank to be part of it,” Finance Minister Arkhom Termpittayapaisith said ...

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• 12 August

  Serbia’s central bank lifts rates to 3-year high

    Bloomberg Serbia lifted its benchmark interest rate to the highest level in more than three years, seeking to strike a balance in taming accelerating inflation without undermining economic growth. The central bank raised its one-week repurchase rate by a quarter percentage point to 3%, in line with expectations of most analysts in a Bloomberg survey. The decision marked the ...

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• 12 August

  Nigeria cracks down on forex hoarders to stem naira crash

  

  Bloomberg Nigeria’s anti-graft agency said it would arrest foreign currency traders found to be hoarding the dollar after a plunge in the country’s currency last month. The Economic and Financial Crimes Commission called foreign exchange dealers to a meeting in a bid to end “brazen foreign exchange speculation” that’s causing “a run on the value of the naira,” the agency ...

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• 12 August

  Alibaba leads slide in US-listed China stocks on NYSE exit woes

  

  Bloomberg US-listed China stocks slid on Friday after some of the Asian nation’s largest state-owned companies announced plans to delist from American exchanges amid a spat over audits and generally worsening tensions between the world’s top two economies. Alibaba Group Holding Ltd., Pinduoduo Inc. and JD.com Inc. each fell 3% to 4%, while the Kraneshares CSI China Internet Fund ETF ...

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• 12 August

  BofA says cash racing to stocks, bonds as inflation fears ease

  

    Bloomberg Bank of America Corp (BofA) says investors are rushing back into stocks and bonds, with signs that inflation has peaked spurring bets the Federal Reserve will dial back its interest-rate hikes soon enough to keep US economy out of a recession. Global equity funds pulled in $7.1 billion in the week through August 10, strategists led by Michael ...

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• 12 August

  Deutsche Bank sees India stocks beating S&P 500

    Bloomberg Stocks in India are likely to outperform US peers in the coming quarters, boosted by better economic prospects and stellar earnings growth, according to Deutsche Bank AG. “Indian macros are firing on all cylinders,” Mayank Khemka, chief investment officer for India at the bank, said in an interview, pointing to economic data ranging from power and fuel demand ...

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