LONDON—The advent of digital currencies in emerging markets could spark “cryptoization” of local economies, potentially undermining exchange and capital controls and upsetting financial stability, the International Monetary Fund said on Friday. Bitcoin and its kin have in the last year soared in price and popularity, with emerging and developing market economies such as Vietnam, India,…
Emerging Market ‘Cryptoization’ Threatens Financial Stability: IMF
October 7, 2021
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Evergrande Backer Chinese Estates’ Stock Soars on Take-Private Offer
October 7, 2021
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HONG KONG—Shares of Chinese Estates Holdings, a former major shareholder of embattled developer China Evergrande, jumped as much as 32 percent on Thursday after it announced an offer to be taken private for $245 million. The Hong Kong developer said on Wednesday the family of Chinese Estates’ biggest shareholder, Joseph Lau, had proposed to take…
Jobless Claims Fall After 3 Weeks of Rises, Recovery Outlook Remains Uncertain
The number of American workers filing for unemployment fell last week, dropping more sharply than economists expected, though experts say there remains an elevated level of uncertainty around the recovery outlook. First-time filings for unemployment insurance—a proxy for layoffs—came in at 326,000 for the week ending on Oct. 2, the Labor Department said in a…
Jobless Claims Fall After 3 Weeks of Increases; Recovery Outlook Remains Uncertain
The number of American workers filing for unemployment benefits fell last week, dropping more sharply than economists expected, although experts say an elevated level of uncertainty remains around the recovery outlook. First-time filings for unemployment insurance—a proxy for layoffs—came in at 326,000 for the week ending on Oct. 2, the Labor Department said in a statement…
German Industrial Production Slumps on Supply Chain Disruption
BERLIN—German industrial output suffered its steepest drop in August since April last year, due to supply chain disruptions that are holding back growth in Europe’s biggest economy and hitting the auto sector particularly hard, official data showed on Thursday. The Federal Statistics Office said industrial output fell by 4.0 percent on the month after an…
Credit Suisse Looks to Recoup Supply Chain Finance Fund Recovery Costs
ZURICH—Credit Suisse is looking to recoup the external costs it is incurring to recover money for investors in its insolvent supply chain finance funds linked to Greensill, the Swiss bank said on Thursday. “The recovery work that (Credit Suisse Asset Management) CSAM is doing on behalf of fund investors inevitably incurs external expenses, which are…
Dollar Strength Holds Back Asian FX; Rupee Bears Re-emerge: Poll
October 7, 2021
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Investors raised short bets on most Asian emerging currencies, a fortnightly Reuters poll found, as a slew of factors including U.S. rate-hike expectations, rising inflation, and signs of slowing global economic growth boosted the dollar. Long positions on the Singapore dollar, Taiwan’s dollar, and the Indian rupee were reversed, while bearish views on the South…
Leisure Sector Jobs Recovered Faster in Highly Vaccinated States: Fitch
A new report from Fitch says jobs in the leisure and hospitality sector recovered faster between March and August 2021 in states with higher vaccination rates. The Fitch analysis indicates that states in the highest quartile—where more than 66 percent of the population was vaccinated against COVID-19 at the beginning of August—recorded leisure and hospitality…
Futures Bounce on Easing Debt-Ceiling, Inflation Worries
October 7, 2021
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U.S. stock index futures bounced on Thursday after a temporary truce in the debt-ceiling standoff in Congress relieved concerns of a possible government debt default, while a dip in oil prices eased worries of higher inflation. Top U.S. Senate Republican Mitch McConnell on Wednesday floated a plan to support an extension of the federal debt…
BOJ Offers Gloomier View on Regional Japan as Supply Curbs Hit Autos
TOKYO—The Bank of Japan (BOJ) offered on Thursday its gloomiest view on regional economies in more than a year as supply constraints disrupted factory output of cars and other products, clouding the outlook for the export-reliant economy. In a quarterly report, the central bank slashed its economic assessment for five of the country’s nine regions—the…
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