China warned Australia. The global growth forecast has been cut. 3000 staff will be hired by Citi in Asia. Today is what you need to know.
The World Bank has cut its forecast for global economic growth to 2% in 2022. The president of the bank said that the recession would be hard to avoid. There is more information on why people are worried about Stagflation.
The Defense Ministry of China denied that a Chinese jet intercepts a plane over the South China Sea. The Chinese plane flew in a dangerous manner next to the Australian plane on May 26. Beijing accused Australia of spreading false information, advocating and manufactured confrontation. The US accused Beijing of faking quotes from its diplomats, while Cambodia denied a report that China is building a naval facility there.
After two years of record exports, Chinese manufacturers are starting to feel the pinch as consumers in their biggest markets curb spending and Covid lockdowns drive customers to competitors in the region. With most of the world now living with the coronaviruses and travel and other leisure activities resuming, consumers are cutting back on spending on Chinese-made laptops and other work-from- home goods that propelled the nation's exports and fueled the economy's recovery from its PAIN slump in
Asian stocks are set to open higher after gains in US equities and a drop in bond yields gave some respite for investors worried about slower growth. The S&P 500 erased last week's losses with back-to-back gains, while Chinese shares traded in the US climbed for a second day on increased speculation that a year-long government crackdown on the technology industry is easing. Weak demand at an auction led to Shorter-dated maturities lagging.
The new staff will work in areas such as investment, corporate and commercial banking, in roles involving trading, securities services and trade finance. The new staff will work in areas such as investment, corporate and commercial banking, in roles involving trading, securities services and trade finance. Most of the recruits will be in Hong Kong and Singapore. The full story can be found here.
Inflation and recession fears have been a drag on markets this year. Adding to the gloom is the fact that it looks like it is becoming boring because it is threatening to do something never before done.
The realized volatility has dropped to the lows it reached during the pandemic, relative to the equity market. The virtual currency peaked at the end of March and has barely gained since. The question is if the rate hikes will help the dollar. If that peak holds, it will be the first time since the beginning of the year that the price did not rise at least 50%.
Garfield Reynolds is based in Australia.
Garfield Clinton Reynolds helped with the project.
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