Australia’s central bank pleads for slower rate hikes Reserve Bank of Australia Governor Philip Lowe said the central bank “acknowledges” that “the case for slowing the pace of interest rate increases is growing stronger as the level of the cash rate increases”. National Australia Bank economist Tapas Stickland said Lowe’s remarks could “signal a shift … Read more
Australia’s central bank pleads for slower rate hikes Reserve Bank of Australia Governor Philip Lowe said the central bank “acknowledges” that “the case for slowing the pace of interest rate increases is growing stronger as the level of the cash rate increases”. National Australia Bank economist Tapas Stickland said Lowe’s remarks could “signal a shift … Read more
Pakistan pays price for climate crisis caused by other countries: minister Pakistan is facing the worst consequences of the climate crisis, thanks in part to actions by the developed world, Finance Minister Miftah Ismail has said, as the country battles the worst floods in its history. Ismail joins a chorus of supporters from the flooded … Read more
BEIJING (AP) — Authorities in Chengdu, southwest China, have maintained strict COVID-19 lockdown measures on the city’s population of 21 million despite a major earthquake that left killed at least 65 people in outlying areas. Footage circulating online on Tuesday showed workers wearing top-to-bottom protective gear preventing residents of apartment buildings from exiting through locked … Read more
Chinese yuan won’t weaken much beyond level 7, says Capital Economics The Chinese Yuan is likely to break level 7 against the greenback based on yield spreads in the two countries, according to Julian Evans-Pritchard, senior China economist at Capital Economics. But the currency won’t weaken much beyond that, he told CNBC’s “Squawk Box Asia.” … Read more
Bank of Japan member says he wants to stick to ultra-loose policy Toyoaki Nakamura, a member of the Bank of Japan, stressed the need to “patiently maintain” its position on monetary easing, according to Reuters. In a speech, he said that a tightening of monetary policy when the output gap remains negative would weigh heavily … Read more
Reserve Bank of New Zealand wants rates ‘comfortably above neutral’, Reuters reports New Zealand policymakers want interest rates “comfortably above neutral” to combat rising prices, Reserve Bank of New Zealand Deputy Governor Christian Hawkesby has said. according to Reuters. The The RBNZ raised its cash rate by 50 basis points to 3% Last week. Hawkesby … Read more
SINGAPORE — Asia-Pacific stocks were mixed on Tuesday on a quiet data day as markets continue to digest last week’s stellar U.S. jobs report. SoftBank Group the stock fell about 7% after the publication of its Vision fund a loss of 2.93 trillion Japanese yen ($21.68 billion) for the June quarter Monday after market close. … Read more
Oil giant BP raises dividend as quarterly profits jump on high commodity prices British oil giant BP increased its dividend on Tuesday as it posted bumper second-quarter profits, benefiting from a surge in commodity prices. Underlying second-quarter replacement cost profit, used as an indicator of net profit, was $8.5 billion. Soaring profits allowed BP to … Read more
