BUSINESS
Mark Mobius sees Bitcoin down at $10,000 in ‘dangerous’ crypto market
The co-founder of Mobius Capital Partners LLP said in an interview Monday in Singapore that his next target for Bitcoin is $10,000. He added he wouldn’t invest his own cash or client money in digital assets as “it’s too dangerous.”
BUSINESS
Commodities sink as covid’s spread, protests worsen outlook
Crude oil in Shanghai followed international markets lower, plunging as much as 5.6%. Cooking oil futures in Dalian tumbled as much as 3% on concerns over the threat to demand at restaurants and hotels already reeling from lockdowns.
BUSINESS
Amazon is shuttering some India businesses amid global cuts
The company said it is exiting meal deliveries as well as a service providing bulk doorstep deliveries of packaged consumer goods to small businesses.
BUSINESS
Jerome Powell to set stage for slowing Fed rate hikes amid hawkish tone
Jerome Powell is scheduled to deliver a speech, nominally focused on the labor market, at an event on Wednesday hosted by the Brookings Institution in Washington. It will be one of the last from policymakers before the start of a quiet period ahead of their Dec. 13-14 gathering.
BUSINESS
Foreign investor bets show Indian stocks rally has more legs
Holdings of foreign investors in long index futures have risen by about six times from their September lows, to 127,000 contracts, while short bets have dropped 76% over the same period to 38,600 lots -- the least bearish positioning since April.
BUSINESS
Foxconn offers $1,800 bonus to workers who stay in iPhone city
Foxconn, also known as Hon Hai Precision Industry Co., will top up wages by as much as 13,000 yuan per month in December and January for full-time workers who’d joined at the start of November or earlier, the company said in a notice over the weekend.
BUSINESS
The treasury market’s big recession trade is gathering momentum
Long-dated Treasury yields are already below the Fed’s overnight benchmark range -- currently 3.75% to 4% -- and there’s still an extra percentage point of central bank increases priced in for the coming months.
BUSINESS
Stagflation will rule 2023, keeping stocks in peril
Almost half of the 388 respondents to the latest MLIV Pulse survey said a scenario where growth continues to slow while inflation remains elevated will dominate globally next year.
BUSINESS
Beijing covid cases remain elevated after doubling over weekend
Beijing reported 3,860 new infections for Sunday, below the 4,245 cases the day before. The caseload has swelled from just over 400 two weeks ago, to 2,576 on Friday, according to a Bloomberg News tally.
BUSINESS
Job cuts don’t mean mass layoffs in looming global recession
Almost three years after Covid-19 hit, companies around the world still complain that they can’t get the talent they need.
BUSINESS
British Airways set to double flights at Gatwick, Telegraph says
The flag carrier intends to potentially double the number of aircraft based at the Sussex airport, going to between 24 and 28 planes from 14 currently, the paper said.
BUSINESS
Scotch whisky prices jump as investors seek haven, FT says
Volumes have jumped by almost a quarter, the FT said, citing a report by Scottish investment bank Noble & Co. The increase in auction sales was mainly driven by bottles priced between £100 and £1,000, with that category seeing values rising 40% and volumes 30% in the first three quarters.
COMMODITIES
Oil edges lower with China unrest rippling through world markets
The dollar rose on demand for havens as protests over harsh anti-virus curbs spread across the world’s largest crude importer
MARKETS
A great rotation is brewing in Asia as investors head north
Stocks listed in Hong Kong as well as Korea and Taiwan have languished for most of the year owing to their heavy reliance on China’s economy. Domestic-demand driven southern markets of Indonesia and India boasted resilience
ECONOMY
Rishi Sunak’s plea for patience leaves him under constant attack
The long wait for a more optimistic message will leave Sunak’s government vulnerable to attacks from his own backbenchers as well as the opposition Labour party as he leads the country through a winter of strikes, recession and soaring energy prices
ECONOMY
US jobs report may show subtle progress, Euro Zone reels under double-digit inflation
The income and spending report for the US is forecast to indicate a softening in core inflation for October. While simmering down, the annual pace is still more than twice the central bank’s goal
BUSINESS
Russia drafts decree banning oil sales to price-cap participants
The decree will forbid dealings with both companies and countries that join the price-cap mechanism, the person said, without giving an exact definition of how participation in such a mechanism would be defined.
SCIENCE
NASA’s Orion spacecraft successfully enters Moon’s orbit
The mission is intended to show the Orion capsule is functional and safe for humans
BUSINESS
Government seeks to shrink fiscal deficit by at least 50 bps
Finance Minister Nirmala Sitharaman will seek to shrink the shortfall to less than 6% of gross domestic product in the year starting April 1, the people said, asking not to be identified as the deliberations are private.
WORLD
Global oil market flashes warnings as demand concerns spike
The premium of Oman futures over Dubai swaps fell below $1 a barrel on the Dubai Mercantile Exchange on Thursday. It’s plunged about 80% this month.
BUSINESS
Lithium’s 1,200% frenzy tempered by blip in China’s EV market
The battery material’s price is set for a second weekly decline in China, while shares in lithium suppliers are falling.
BUSINESS
Adani Enterprises to raise up to Rs 20,000 crore from fresh share sale
The breakneck expansion by the ports-to-power conglomerate has added both financial complexity and leverage to the business.
BUSINESS
Funds may put $25 billion a year in India infrastructure, says Ambit
Funds appreciate the better regulatory framework, growth in India and commitment to the climate change requirement for the net-zero carbon policy, Rahul Mody, managing director and co-head of investment banking at Ambit, said in a Bloomberg Television interview on Friday.
BUSINESS
RBI’s MPC panel blames global factors in inflation letter
The war in Ukraine and resultant spurts in energy and food costs, and supply disruptions caused by the pandemic are among main reasons cited, the people said, asking to stay unidentified as the correspondence is private.
