BUSINESS
BofA survey shows full investor capitulation amid pessimism
Global growth and profit expectations sank to an all-time low, while recession expectations were at their highest since the pandemic-fueled slowdown in May 2020, strategists led by Michael Hartnett wrote in the note.
BUSINESS
Palm oil set to plunge 20% by September, top analyst predicts
Inventories in top exporter Indonesia have swollen to 10 million tons and will continue to increase in August because of high production, before stabilizing at around 9-10 million tons in September, Mistry, director at Godrej International Ltd., said in an interview on Tuesday.
BUSINESS
Dubai’s metaverse plan targets 40,000 virtual jobs in five years
The government aims to develop global standards in building safe and secure platforms for users and develop infrastructure and regulations to accelerate the adoption of these technologies, state-run WAM news agency said.
BUSINESS
Apple joins fellow tech giants in putting a lid on hiring
The iPhone maker is looking to limit expenditures and job growth at some of its divisions, Bloomberg reported Monday, though Apple hasn’t adopted a companywide policy.
BUSINESS
Crypto ‘Altcoins’ lead push higher as Bitcoin jumps above $22,000
Ether, the second-largest digital currency, jumped as much as 10.7% on Tuesday in Asia. Solana added 13% and Polkadot about 7%. Bitcoin at one point rose 6.8% and was trading at $22,880 as of 9:15 a.m. in Tokyo.
BUSINESS
India’s diesel, gasoline sales taper off adding to oil’s gloom
The three biggest retailers sold 1.28 million tons of gasoline during July 1-15, down about 8% from the corresponding period in June, according to refinery officials with knowledge of the matter.
BUSINESS
A Goldman legend, crypto star and top banker warn of next big risk
The secret sauce for US growth has been that we’ve had strong population growth and strong gains in the labor force. I’m concerned about that right now.
BUSINESS
Fuel sales sales taper off, adding to pressure on oil prices
The three biggest retailers sold 1.28 million tons of gasoline during July 1-15, down about 8 percent from the corresponding period in June, according to refinery officials with knowledge of the matter.
BUSINESS
Crypto World Crosses Fingers in Hopes Contagion Has Run Course
Bitcoin climbed almost 8% in the final three days of the work week, while Ether surged 20%. Neither of the two dominant tokens has set a new low point in this bear market for almost a month.
BUSINESS
Surprise Tightening in Asia Ups Pressure on Dovish Central Banks
This month, Thailand's baht is the worst-performing currency in the world despite keeping its key rate low to support the economy's recovery.
BUSINESS
Casino firm Genting Singapore draws takeover interest
While thoUS rival MGM Resorts International recently approached the firm’s controlling shareholder, the billionaire Lim family, to express its interest in a deal, the people said.
BUSINESS
Oil extends fall below $100 as fears of recession intensify
West Texas Intermediate settled below $96 a barrel on Thursday. Earlier, futures breached $91 a barrel, hitting the lowest level since late February when crude began its ascent into triple digits.
BUSINESS
Centre may lower windfall tax as global oil prices decline
The measure, aimed at taxing super-normal profits on local oil production, export shipments of gasoline, diesel and jet fuel, will be reviewed at a meeting on Friday, said the people, who declined to be identified as the discussions are private. If a cut is decided upon, it could be implemented immediately, they added.
BUSINESS
India Bonds will suffer most in Asia in a US recession scenario
Rupee debt has proven to be the most sensitive to an inversion of the US curve in the past and this time is unlikely to be different, according to a Bloomberg study which analyzed four episodes dating back to 2005.
BUSINESS
IMF warns it will cut global growth forecast again with ‘darkened’ outlook
The outlook for this year and next will be downgraded later this month when the IMF releases its World Economic Outlook Update, Managing Director Kristalina Georgieva wrote in a blog post published Wednesday, without providing specific figures.
BUSINESS
Euro drops to dollar parity for first time in two decades
The 12% decline is the result of multiple pressures, from the war in Ukraine to an energy crisis and the growing risk that Russia cuts off gas exports and pushes the euro area into recession.
BUSINESS
China readies $1.1 trillion to support Xi Jinping’s infrastructure push
The figure refers to government-backed funds and is based on Bloomberg News’ analysis of official announcements. It includes an unprecedented 1.5 trillion yuan of “special” bonds, mainly used for infrastructure, that local governments may be allowed to sell in the second half of this year, according to people with knowledge of the discussions.
BUSINESS
Joe Biden calls shock inflation report ‘out of date’ due to declining US gasoline prices
The consumer price index rose 9.1% from one year earlier, according to new Labor Department data, the largest increase consumers have seen since the end of 1981. The increase exceeded economists’ estimates for the fourth month in a row.
BUSINESS
Fed could weigh historic 100 basis-point hike after inflation scorcher
Given the acceleration in monthly inflation, economists at Nomura Securities International now expect a full percentage-point increase in the Fed’s benchmark rate at the upcoming policy meeting.
BUSINESS
US inflation accelerates to 9.1%, highest in 41 years
The red-hot inflation figures reaffirm that price pressures are rampant and widespread throughout the economy and continue to sap purchasing power and confidence.
BUSINESS
Front-running Scandal rocks a $31 billion Indian investing giant
Axis Asset Management Co., which is India’s seventh largest mutual fund manager and partly owned by Schroders, in May sacked two employees, including its chief dealer, amid an ongoing internal probe.
BUSINESS
Google to slow down hiring; read alphabet CEO Sundar Pichai’s memo
Sundar Pichai said the company will focus on hiring “engineering, technical and other critical roles,” in 2022 and 2023, according to a copy of the email viewed by Bloomberg News.
BUSINESS
Twitter lawyers say they can prevail over Elon Musk in just four days
Lawyers for the San Francisco-based company say they need only four days in Delaware Chancery Court to prove that the world’s richest man should be forced to honor his agreement and pay $54.20 a share for Twitter. The company hopes to start the non-jury case on Sept. 19.
BUSINESS
Fed’s Thomas Barkin open to raising rates by 50 or 75 bps in July
The consumer price index for June will be released on Wednesday. It is expected to show an 8.8% increase from a year earlier, marking the largest jump since 1981, according to the median forecast in a Bloomberg survey.
