ECB’s Rate-Hiking Campaign Has ‘Some Way to Go,’ Nagel Says
The European Central Bank’s historic series of interest-rate increases isn’t finished yet as upside risks to the inflation outlook predominate, Governing Council member Joachim Nagel said.
Bloomberg Business
Turkey Says Hike to 15% Is First Step of Monetary-Tightening Era
Turkey’s central bank said last month’s interest-rate raise was the “first step” of a monetary tightening cycle, as the administration of newly-reelected President Recep Tayyip Erdogan tries to slow inflation of almost 40%.
Fitch, Moody’s See Lingering Risks in Pakistan Despite IMF Deal
Moody’s Investors Service and Fitch Ratings see lingering risks to Pakistan’s financing abilities as the country stares at a $25 billion debt repayment wall in the year starting July, more than the initial approval it secured recently for a $3 billion loan program.
Wall Street Touts Emerging-Market Rates Amid Dovish Pivot
With hopes for a monetary-policy pivot in the US and Europe dashed, money managers from Goldman Sachs to Citigroup are touting interest-rate cuts in emerging markets as a major investment theme for the second half of 2023.
Emaar Shares Push Dubai Stocks to 2015 High as Economic Outlook Lifts Mood
Dubai’s main stock index soared to the highest level since August 2015, extending year-to-date gains and supported by a jump in property-related shares.
Pakistan Stocks Surge Most in 15 Years After IMF Loan Deal
Pakistan’s key stock gauge surged by the most in 15 years on Monday after the nation clinched an initial $3 billion loan deal from the International Monetary Fund, easing default fears.
Turkish State Banks Resume Supporting Lira as Rout Deepens
Turkey’s state-run banks re-entered the foreign-currency market on Monday, selling as much as $1 billion by midday to prop up the lira, according to traders.
Riots in France Ease After Massive Police Deployment
Street unrest eased in France overnight after nearly a week of riots and looting touched off by a police officer’s killing of a teenager that underscored serious tensions in the country’s ethnically mixed suburban neighborhoods.
Kenya Logging Freeze Reversal Seen Hurting Forests, Climate
Kenyan President William Ruto lifted a five-year tree-logging freeze that boosted forest cover to a modest 8.8% in the East African nation that experiences routine drought.
European Power Prices Plunge Below Zero as Solar Output Booms
Power prices in Europe dropped below zero to record-low levels during the weekend as a surge in solar generation pushed supply above demand.
