June, 2022

• 27 June

  War spurs EU to bring Croatia in Schengen zone

    Bloomberg As Russia’s invasion of Ukraine wreaks destruction on the fringes of the European Union, the bloc is poised to pull its newest member closer into the fold. Croatia, which joined the EU almost a decade ago, is on the verge of joining the Schengen zone — the passport-free area stretching from Norway’s Arctic coast to Spain’s Atlantic seaboard ...

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• 27 June

  ECB’s pivot towards rate hikes feeds fears of new bond crisis

  

    Bloomberg European Central Bank (ECB) policy makers gather on a Portuguese hillside on Monday with the sinking feeling that their rush to tackle the inflation shock they failed to forecast risks both a recession and echoes of the euro area’s sovereign debt crisis. As President Christine Lagarde and colleagues meet in the resort of Sintra for their version of ...

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• 27 June

  Central banks have narrow path to soft landing: BIS chief

  

  Bloomberg There’s a narrow path for the world’s central banks to stem rising inflation without tipping their economies into a recession, according to the head of the Bank for International Settlements (BIS). “There is a possibility that it can be pulled off without a major impact — with an impact on GDP but not going all the way to a ...

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• 27 June

  China GDP target ‘difficult’ to achieve, says PBOC adviser

  

    Bloomberg Effects related to the Covid-19 pandemic in recent months will make it challenging for China to meet its 5.5% annual growth target, a central bank adviser said, adding that pro-economy policies including special bond issuance could be on the way. China’s economy could see a strong rebound in the second half, “but difficulties remain for the 5.5% target,” ...

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• 27 June

  Wells Fargo unveils new credit card, ‘Autograph’

    Bloomberg Wells Fargo & Co. is launching another credit card, the latest in third-biggest US lender’s push to build out new offerings under Chief Executive Officer Charlie Scharf. The Wells Fargo Autograph card is the first in a group of rewards cards the firm plans to introduce, according to a statement on Monday. The card, which launches throughout the ...

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• 27 June

  Mexico to speed pace of interest rate hikes

  

    Bloomberg Mexico’s central bank is expected to speed the pace of interest rate increases, hiking borrowing costs by the most in recent times, with inflation stuck near a two-decade high. Banco de Mexico, known as Banxico, is seen raising its key interest rate by 75 basis points to 7.75%, the highest in almost three years, according to all 27 ...

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• 27 June

  Baht’s outlook turns brighter

    Bloomberg The slump that’s taken the baht to its weakest in more than five years may be near an end as Thailand entices back tourists and the central bank edges towards hiking rates. The currency’s 6% drop versus the dollar this quarter — its worst three-month performance since Covid-19 devastated sentiment in early 2020 — has coincided with the ...

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• 27 June

  Zimbabwe plans triple-digit rate hike to tame inflation

  

  Bloomberg Zimbabwe’s central bank plans to more than double the benchmark interest rate — already the highest in the world — to 190%, a member of its monetary policymaking committee (MPC) said, as it seeks to put a brake on soaring inflation. Persistence Gwanyanya, from the bank’s MPC, said the intention was to achieve a positive real interest rate to ...

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• 27 June

  Global stocks extend gains

  

    Bloomberg Global stocks extended gains on Monday after posting their best performance in a month last week. US futures rise, with the Nasdaq 100 advancing 0.6% and technology heavyweights including Amazon.com Inc., Apple Inc. and Microsoft Corp. climbing in premarket trading. Tech shares also boosted indexes in Europe and Asia. Quarterly portfolio rebalancing by institutional buyers could be helping ...

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• 27 June

  Crypto exchanges hunker down as woes pile up in India

  

    Bloomberg India’s largest digital assets exchanges are bracing for a drawn-out crypto winter — one with some unwelcome local twists. With token prices plummeting, customers unable to transfer money to their accounts and a dreaded transaction tax on cryptocurrencies just around the corner, exchanges like Binance-backed WazirX have put expansion plans on the back burner. “We have cut down ...

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