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India’s central bank holds rates, raises growth outlook

The Reserve Bank of India (RBI) kept its key interest rate unchanged on Friday in a widely expected move, saying robust economic growth will give it space to focus on bringing down inflation towards its medium-term target of 4%. The central bank raised its economic growth outlook for the current year but kept its outlook on inflation unchanged, though it warned of persistent price pressures on food. Governor Shaktikanta Das said the RBI wants to ensure that inflation aligns with its target on a sustained basis. The Monetary Policy Committee ...

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China’s May forex reserves rise more than expected to $3.232 trln

China’s foreign exchange reserves rose more than expectedin May, official data showed on Friday, as the dollar fell against other major currencies. The country’s foreign exchange reserves – the world’s largest – rose by $31.21 billion to $3.232trillion last month, compared with $3.213trillion tipped by a Reuters poll of analysts and $3.201 trillion in April. The yuan CNY=CFXS fell 0.01%against the dollar in May, while the dollar last month fell 1.6% against a basket of other major currencies =USD. China held 72.80 million fine troy ounces of gold at the ...

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How G7, EU plan to leverage frozen Russian assets for Ukraine

The Group of Seven countries and the European Union are considering how to use profits generated by Russian assets immobilised in the West to provide Ukraine with a large up-front loan now and secure Kyiv’s financing for 2025. BASIC CONCEPT Around 260 billion euros of Russian central bank funds are frozen worldwide, most of it in the EU. The funds generate 2.5 billion-3.5 billion euros a year in profit, which the EU says is not contractually owed to Russia and therefore represents a windfall. The idea, championed by the United ...

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US bond funds gain robust weekly inflow as yields ease

U.S. bond funds secured the largest weekly inflow in four weeks in the seven days to June 5, driven by a rally in treasury bond prices after softer economic data bolstered expectations of Federal Reserve rate cuts this year. Investors acquired about $5.06 billion worth of U.S. bond funds during the week, the largest since the week ended May 8, according to LSEG data. Benchmark U.S. 10-year Treasury yields fell to a two-month low of 4.275% on Wednesday after a report showed that employers added fewer jobs in May than ...

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Insurers to build private credit exposure in coming years, Moody’s finds

Global insurers plan to invest further in the coming years in the growing but opaque private credit market, according to a new report by Moody’s (NYSE:) Ratings. In a survey this week of the world’s largest insurers, Moody’s found that nearly 80% of respondents planned to increase their holdings in at least one class of private credit. Deemed riskier and less transparent than the public market, private credit deals involving non-bank lenders and middle-market companies have gradually gained market share in the U.S. and around the world over the last ...

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Trump suggests tariffs against nations including China over illegal immigration

Republican presidential candidate Donald Trump said on Thursday he may impose tariffs on countries, including China, that do not curb the flow of undocumented immigrants from their territory to the United States, if he wins the U.S. election in November. Trump made the remarks at an event in the border election battleground state of Arizona while responding to an audience question and did not specify the size of tariff he would impose in such a scenario. Asked about ways he would curb the flow of migrants crossing into the U.S. ...

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BOJ may drop clues on bond tapering plan next week, sources say

Bank of Japan policymakers are brainstorming ways to slow its bond buying and may offer fresh guidance as early as next week, sources familiar with its thinking said, in what would be a first key step to reducing its almost $5 trillion balance sheet. While details are not finalised, the central bank could trim monthly purchases or clarify plans to proceed with a slow but steady taper with a focus on preventing abrupt yield spikes, the four sources said. Any such decision could lay the groundwork for the BOJ, which ...

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Japan has ways to avoid a sovereign debt crunch

As interest rates rise, investors are once again fretting about the sustainability of government debt across the developed world. Attention naturally turns to the country with the highest debt load relative to economic output and the heaviest debt-service burden. Some bond investors liken Japan’s national accounts to a Stephen King horror story. However, appearances are deceptive. Though Japan needs to rein in its fiscal deficit, its debt looks far less perilous than some of its peers. Financial crises, sluggish growth and the pandemic have pushed up government debt for many ...

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German exports rise more than expected in April

German exports rose by 1.6% in April compared with the previous month, the second straight month of gains, data from the federal statistics office showed on Friday. The result compared with a forecast 1.1% increase in a Reuters poll. The monthly gains were driven by exports to China, up 0.8% to 8.4 billion euros ($9.15 billion), and the United Kingdom, up 15.4% to 7.4 billion euros. Imports gained 1.9% month-on-month.The statistics office publishes more detailed economic data on its website. Source: Reuters

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Japan’s revised Q1 GDP seen falling less than first reported on capex upgrade – Reuters poll

The Japanese economy likely contracted at a slightly slower pace than initially reported in January-March due to upgrades to capital spending figures, a Reuters poll showed on Friday, although risks continue to cloud the outlook. Economists expect growth to return this quarter, helped by tax cuts and wage hikes, but higher import costs due to a weaker yen are seen squeezing consumption while disruptions at some automakers are also likely to weigh. Cabinet Office data out on Monday is expected to show the pace of gross domestic product (GDP) contraction ...

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U.S. economic engagement in Indo-Pacific ‘isn’t about China,’ Commerce Secretary Raimondo says

America’s economic engagement in Indo-Pacific “isn’t about China” but for strengthening U.S. presence in the region, Commerce Secretary Gina Raimondo told CNBC. President Joe Biden launched the Indo-Pacific Economic Framework for Prosperity, involving14 countries, about two years ago, for economic and trade cooperation among the member states. The IPEF was also seen as a means to counteract China in the region. Raimondo said the Indo-Pacific is more secure and stable when the U.S. has a strong “active” presence in the region, adding that the framework is more about solidifying ties ...

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Qatar-China trade volume amounted to $23.90bln’

The Qatar Chamber (QC) hosted a Chinese business delegation led by Liu Qilin, the Chairman of China Council for the Promotion of International Trade (CCPIT) in the Province of Yunnan. The meeting was attended by QC First Vice-Chairman Mohamed bin Twar Al Kuwari, along with many Qatari and Chinese business owners. During the meeting, both parties reviewed means to strengthen cooperation between the two entities and mechanisms to promote trade exchange between the two countries. They also discussed the investment climate and investment opportunities available in various sectors, especially in ...

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German GDP to grow 0.3% in 2024, inflation at 2.8%, Bundesbank says

Germany’s economy is set to grow a touch more slowly this year than earlier predicted while inflation is likely to be slightly higher, the Bundesbank said on Friday in a twice-yearly update of its projections. The euro zone’s biggest economy is now set to expand by just 0.3% this year, below the 0.4% seen in December, and growth is then set to pick up to 1.1% next year, against the 1.2% forecast before, the Bundesbank said. Germany’s economy has struggled for much of the past year as its vast industrial ...

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Japan consumer spending rises in April for first time in 14 months

Japanese household spending rose for the first time in 14 months in April from the year earlier, data showed on Friday, although the tepid growth showed consumers remained reluctant to loosen their purse-strings in the face of higher prices. Consumer spending rose 0.5% in April from a year earlier, data from the internal affairs ministry showed. That was slightly below the median market forecast for a 0.6% uptick. On a seasonally adjusted, month-on-month basis, spending fell 1.2%, versus an estimated 0.2% rise. “Personal consumption, which has been stagnant for a ...

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We’re still expecting a summer UK rate cut despite market doubts

Markets have priced out UK rate cuts In the space of just a couple of weeks, UK markets have gone from pricing 60 basis points of Bank of England rate cuts this year to just 35bp. Having previously viewed a June rate cut as a 50/50 call, investors are now only fully pricing the first move in November. This looks like a severe overreaction, for three reasons. Firstly, the surprise announcement of a July general election will have virtually no discernible impact on the Bank of England this year. In ...

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