Countries not under central bank

U.S. equity markets are falling, with the Nasdaq sinking deeper into correction territory as shares of streaming service providers drop. Key Takeaways U.S. equity markets are falling, on their way to further weekly declines, as the Nasdaq sinks deeper into correction territory. Shares of streaming service providers are dropping after Netflix reported slowing subscriber growth. Crude oil futures are falling for a second day. The yield on the 10-year Treasury note is sinking, now at 1.76%. Netflix, Inc. ( NFLX ) is the worst-performing stock in the S&P 500, with shares plunging on its slowing subscriber growth. The news is dragging down shares of The Walt Disney Company ( DIS ) and others in the online entertainment sector. Shares of smaller banks are continuing their week-long decline, led by Huntington Bancshares Incorporated ( HBAN ) following its earnings report. Shares of Intel Corporation ( INTC ) and other semiconductor companies are higher on … [Read more...] about Nasdaq Correction Deepens as Stocks Slide on Rate Concerns

- A + A LONDON (May 16): European stocks slipped on Monday and Wall Street was set for a lower open, as investor sentiment struggled to recover from last week's sell off amid fears of a slowdown in economic growth. Global shares hit their lowest point in 18 months last week, with investors worried that rising interest rates to counter high inflation will damage the global economy. Unexpectedly weak economic data kept from China kept those worries in centre stage on Monday. April retail sales plunged 11.1% on the year, almost twice the fall forecast, as full or partial Covid-19 lockdowns were imposed in dozens of cities. Industrial output dropped 2.9% when analysts had looked for a slight increase. At 1104 GMT, the MSCI world equity index, which tracks shares in 50 countries, was up around 0.1% on the day, struggling to recover from last week's lows. Europe's STOXX 600 was down 0.2%, while London's FTSE 100 was down flat. US stock index futures pointed to a … [Read more...] about Stock markets struggle as fears over economy grow

- A + A (May 16): As spiraling inflation spreads across the globe, emerging-market bonds from Turkey to Thailand are feeling the brunt. Local-currency debt from developing nations -- which is far more sensitive to a country’s domestic inflationary pressures than dollar denominated equivalents — has slumped almost 9% this year, the most since at least 2008, according to a Bloomberg index. There’s unlikely to be any relief soon as central bankers around the world attempt to control surging prices by raising interest rates even more aggressively — potentially risking growth in doing so. That certainly wasn’t the plan. Many developing economies led the charge in rate hikes last year, getting ahead of policy makers in the US and hoping to avoid a redux of the 2013 taper tantrum. But with inflation raging in the US and the strong dollar pressuring currencies elsewhere, these countries are now making a new rulebook. Policy makers across emerging nations are either … [Read more...] about Bond traders reel as inflation hits world’s emerging local debt

Firefighters work at a site of a power substation hit by a missile strike, as Russia's attack on Ukraine continues. (Image credit: Reuters) Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they scramble to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. The moves, part of a broader corporate exodus from the country, are likely to stir concerns that Russian firms and institutions are snapping up prized assets for a bargain. Below is a list of firms by sector that have secured deals to sell their businesses in Russia: AUTOMAKERS INCHCAPE Close The British car distributor said it had agreed to sell its Russian business to local management. The sale will result in an exceptional non-cash loss before tax of about 240 million pounds ($294 million). RENAULT The French carmaker said on May 16 it will sell its majority stake … [Read more...] about Factbox-Companies sell their businesses in Russia

(File image: EAM S Jaishankar with China's Wang Yi) Chinese Foreign Minister Wang Yi’s outreach by offering to visit India was the strongest signal to thaw ties, as the two countries find themselves on the same page over resisting United States pressure on the Russian intervention in Ukraine and non-US Dollar oil trade. Europe, West Asia, and the Asia-Pacific are witnessing rapidly shifting alliances over what is perceived as unilateral US pressure to take sides in its geopolitical rivalries. Wang Yi is scheduled to visit India for two days on March 24-25 after attending the Organisation of Islamic Countries (OIC) foreign minister’s meeting in Islamabad. Cracks began appearing after External Affairs Minister S Jaishankar evidently pushed back against joining the US, Australia, and Japan in taking a hard line on Russia in the February 11 Quad ministers meeting. This was followed by India abstaining in votes in the United Nations (UN) on the Ukraine crisis. This inspired … [Read more...] about India, China on the same page over Russia, non-dollar oil trade

- A + A HONG KONG (May 17): Asian shares edged higher on Tuesday despite data reinforcing investor fears the global economic recovery may be more fragile than expected, even as inflationary pressures remain high. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.84% on Tuesday, but is still down the index is down 6.7% so far this month. U.S. stocks ended the previous session with mild losses. In Tokyo, the Nikkei was flat in early trade, while in Australia the S&P/ASX200 index gained 0.34%. Hong Kong's Hang Seng Index .HSI was 1.2% higher and mainland China's CSI300 Index gained 0.07%. The U.S. dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was flat in Asian trade to be at 104.1. Economic growth fears in the world's two largest economies have re-emerged following weak retail sales and factory production figures in China and disappointing U.S. manufacturing data. Investors are also … [Read more...] about Asia markets gain despite global growth worries

Representative image (AP Photo/Mukhtar Khan) Kartik Bommakanti A year after India and China’s decision for a mutually-agreed withdrawal from the Kailash Range, which India occupied in late August 2020, and China’s occupation of the ‘fingers’ area on Pangong Tso, signalled a shift in de-escalating a crisis that began in May 2020, with China’s seizure of Indian-claimed territory in Eastern Ladakh. In early August 2021, India and China completed disengagement from Gogra. The fingers area and Gogra are the only two areas among the five pieces of territory that China occupied in May 2020, where disengagement has occurred. China is still in possession of Depsang, Demchok, and Hot Springs. Some prominent analysis has focused on the failure of the Bharatiya Janata Party (BJP)-led Union government’s China policy, because of its incapacity to get the Chinese to vacate the remaining areas under their control. This is generally accurate and fair. Having secured a Chinese withdrawal … [Read more...] about India-China Ties | Lack of accountability, consensus puts India on the back foot

Representative Image India has prohibited wheat exports with immediate effect, according to a government notification issued late Friday, as the world's second-largest wheat producer attempts to stabilise domestic prices. However, export shipments for which irrevocable letters of credit (LoC) were issued on or before the date of this announcement will be approved, according to a May 13 notification from the Directorate General of Foreign Trade (DGFT). "The export policy of wheat is prohibited with immediate effect," the DGFT said. It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments. Following a nearly 40% rise in global rates in the aftermath of the Russia-Ukraine crisis, and also as India ramped up exports, wheat and cereal prices rose in India. The country is expected to face a shortfall of the cereal in the … [Read more...] about India prohibits wheat exports with immediate effect

FILE PHOTO: Teachers unpack Enhanced Nutribun bread at a school in Caloocan City. The latest version of the 1970s’ Nutribun was developed by the Department of Science and Technology—Food and Nutrition Research Institute. INQUIRER PHOTO/GRIG MONTEGRANDE MANILA, Philippines—Throughout the campaign period, the achievements and programs of the late dictator Ferdinand Marcos Sr.—whether based on historical records or mere claims by die-hard supporters—seemed to have become the shadow of presumptive president Ferdinand “Bongbong” Marcos Jr. The so-called legacies of the late Marcos have resurfaced amid the younger Marcos’ presidential bid. Stories glorifying and lauding what Marcos Sr. has done as president have spread online through various platforms—boosting the son’s campaign. Many of these stories, however, have been fact-checked and found to be myths or false claims. READ: Debunking Marcos myths on social media Among the myths swirling around the Marcoses, which have been … [Read more...] about The muddled past of Nutribun