Exclusive: UK gold market resilient despite ‘major price overhaul’, says debt office chief

LONDON, Oct. 4 (Reuters) – The UK bond market is undergoing “a major price overhaul” but could face the additional £62 billion ($69 billion) in debt announced after the Sept. 23 mini-budget from Chancellor of the Exchequer of That, the UK Debt Management Office (DMO) said Monday. Robert Stheeman – the man charged with overseeing … Read more

US production almost to end in September as new order contract

Manufacturing PMI Down 1.9 Points to 50.9 in September New assignments, terms of employment contract Price pressure at factories, supply bottlenecks are decreasing WASHINGTON, Oct. 3 (Reuters) – U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in September, as new orders dwindled amid aggressive Federal Reserve rate hikes to cool demand … Read more

Credit Suisse and Citi lower year-end 2022 target for S&P 500

Oct. 3 (Reuters) – Credit Suisse and Citigroup became the last brokers to cut their year-end 2022 targets for the S&P 500 index (.SPX) as U.S. stock markets endure the heat of aggressive actions from the U.S. central bank to reduce inflation. Credit Suisse on Monday cut its benchmark index target by about 10% to … Read more

Truss forced into U-turn on tax after week of market turmoil

Truss had championed policy, markets worried about costs Kwarteng now says it was a distraction U-turn made with ‘humility and repentance’ – Kwarteng Reducing the top tax rate was a small part of the overall plan Lawmakers are alarmed by the government’s verdict BIRMINGHAM, England, Oct. 3 (Reuters) – British Prime Minister Liz Truss was … Read more

Turkey inflation hits new 24-year high of 83% after rate cuts

ISTANBUL, Oct. 3 (Reuters) – Turkish annual inflation climbed to a new 24-year high of 83.45% in September, lower than expected according to official data on Monday, after the central bank surprised markets with interest rates in recent years. two months to lower. Inflation has risen since the fall of last year, when the lira … Read more

Bank of Japan discussed inflation risks in subtle shift in governance debate

Price Rises Likely to Continue for Many Goods – BOJ Summary One member expressed concern about the functioning of the bond market BOJ must communicate exit strategy at some point – summary BOJ kept monetary policy ultra-easy at September meeting TOKYO, Oct. 3 (Reuters) – With rising price increases in Japan, some central bank policymakers … Read more

Russia has money to support four regions to be annexed, finance minister says

Oct. 3 (Reuters) – Russia has funds to support four Ukrainian regions that President Vladimir Putin began annexing last week and these funds are part of the country’s budget, Finance Minister Anton Siluanov told parliament. Russia declared the regions’ annexations after holding what it called referenda in Ukraine’s occupied territories. Western governments and Kiev said … Read more

Japan ready to take ‘decisive’ steps against yen – finance minister

Important for currencies to move stably – Finance Minister Intervention helped protect against speculation – minister Repeats warning as dollar approaches 145.40 yen TOKYO, Oct. 3 (Reuters) – Japan stands ready to take “decisive” steps in the foreign exchange market if the yen’s excessive moves continue, Treasury Secretary Shunichi Suzuki said Monday, in a new … Read more

Sterling bounces back from proposed tax cut, yen weakens

SINGAPORE, Oct. 3 (Reuters) – The pound sterling climbed higher on Monday after British Chancellor of the Exchequer Kwasi Kwarteng said the government would roll back a plan to scrap the UK’s top income tax rate as the yen weakened past key levels of 145 a dollar. The pound hit a week-long high of $1,128 … Read more

GLOBAL ECONOMY Asian factory activity weakens due to global slowdown, cost pressure

Japan Aug PMI Marks Weakest Growth Since January Last Year Manufacturing activity shrinks in Taiwan, Malaysia China slowing, US demand weighs on Asian economies TOKYO, Oct. 3 (Reuters) – Asian factory output largely weakened in September as slowing demand in China and advanced economies exacerbated the pain of ongoing cost pressures, surveys found on Monday, … Read more