Reuters Asia Business

S.Korea Sept FX reserves post second-biggest monthly decline on record

5 Oct 2022

SEOUL (Reuters) – South Korea’s foreign exchange reserves shrank by nearly $20 billion in September, the second-biggest monthly drop on record, as authorities stepped up dollar-selling intervention to counter the won’s slump to a 13-1/2-year low. The country’s FX reserves stood at $416.77 billion at the end of September, down $19.66 billion from $436.43 billion …

S.Korea Sept FX reserves post second-biggest monthly decline on record Read More »

Stocks dip, yields climb as rate hikes seem to stay the course

5 Oct 2022

By Pete Schroeder WASHINGTON (Reuters) -U.S. stocks slipped Wednesday, ending the strongest two-day rally since 2020, while the dollar and Treasury yields rose on the back of signs the U.S. economy remained hot and Federal Reserve officials were resolute in rate hikes. Signs of softening in the labor market in earlier the week gave way …

Stocks dip, yields climb as rate hikes seem to stay the course Read More »

Dollar gains as investors see Fed stance likely unchanged; euro, sterling fall

5 Oct 2022

By Caroline Valetkevitch NEW YORK (Reuters) – The dollar rebounded from recent weakness on Wednesday as investors viewed the U.S. Federal Reserve’s aggressive stance on interest rates as likely unchanged, with the euro and sterling down at least 1% each. The euro was down 1% at $0.9892, and was set for its biggest daily percentage …

Dollar gains as investors see Fed stance likely unchanged; euro, sterling fall Read More »

Oil rises to 3-week highs as OPEC+ agrees to deep cuts, U.S. stockpiles fall

5 Oct 2022

By Stephanie Kelly NEW YORK (Reuters) -Oil prices rose on Wednesday to three-week highs, as OPEC+ agreed to its deepest cuts to production since the 2020 COVID pandemic, despite a tight market and opposition to cuts from the United States and others. Prices also rose on U.S. government data that showed crude and fuel inventories …

Oil rises to 3-week highs as OPEC+ agrees to deep cuts, U.S. stockpiles fall Read More »

ADB to give Pakistan up to $2.5 billion in flood relief support -finance ministry

5 Oct 2022

By Asif Shahzad ISLAMABAD (Reuters) -The Asian Development Bank (ADB) will give Pakistan up to $2.5 billion in flood relief support, Pakistan’s finance ministry said on Wednesday. The announcement came after the ADB’s country director Yong Ye met Pakistan’s Finance Minister Ishaq Dar in Islamabad. “ADB will provide flood relief support to Pakistan to the …

ADB to give Pakistan up to $2.5 billion in flood relief support -finance ministry Read More »

EV battery makers Gotion, ONE plan new Michigan plants

5 Oct 2022

By David Shepardson and Paul Lienert WASHINGTON/DETROIT (Reuters) -Chinese battery company Gotion High Tech and Michigan-based startup Our Next Energy (ONE) will open separate, new electric-vehicle battery plants worth a combined $4 billion in Michigan, Governor Gretchen Whitmer announced on Wednesday. Gotion’s $2.36 billion plant will create 2,350 jobs in Big Rapids, Michigan. The facility …

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China, equities weigh as EM sees another month of outflows – IIF

5 Oct 2022

By Rodrigo Campos (Reuters) – Emerging market portfolios saw another month of foreign outflows in September, the seventh of the last eight, as non-residents pulled money out of EM stocks and away from China, data from the Institute of International Finance showed on Wednesday. China debt markets lost $1.4 billion in September for a total …

China, equities weigh as EM sees another month of outflows – IIF Read More »

Biden says U.S. willing to continue talks with S.Korea on EV subsidy

5 Oct 2022

SEOUL (Reuters) – President Joe Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), an official from Yoon’s office said on Wednesday. Biden gave the assurance in a letter to South Korean President Yoon Suk-yeol, who had asked the …

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Thai economy set to grow 3.0 to 3.5% this yr, baht to boost exports – Finance Minister

5 Oct 2022

BANGKOK (Reuters) – Thailand’s economy is still expected to grow 3.0% to 3.5% this year, while a weak baht is helping exports, the finance minister said on Wednesday, as the Thai currency hovered near its 16-year lows against the dollar. Exports, a key driver of Thai growth, are expected to rise 8% this year, Finance …

Thai economy set to grow 3.0 to 3.5% this yr, baht to boost exports – Finance Minister Read More »

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