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Taiwan export decline seen picking up pace in November: Reuters poll

Taiwan’s exports likely dropped in November for the third month in a row and at a much sharper pace, amid fears of a global recession, uncertainties due to the war in Ukraine, and COVID-19 flare-ups in China, according to a Reuters poll. Taiwan, a global hub for chip production and a key supplier to Apple Inc (NASDAQ:AAPL), is one of Asia’s leading exporters of technology goods. The trade data is seen as an important gauge of world demand for tech gadgets. Exports last month were estimated to have dropped 6.7% ...

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China may announce 10 new COVID easing steps on Weds -sources

China may announce 10 new COVID-19 easing measures as early as Wednesday, two sources with knowledge of the matter told Reuters, supplementing 20 unveiled in November that set off a wave of COVID easing steps nationwide. Three years of zero-tolerance measures, from shuttered borders to frequent lockdowns, have battered China’s economy, fuelling last month the mainland’s biggest show of public discontent since President Xi Jinping took power in 2012. Management of the disease may be downgraded as soon as January, to the less strict Category B from the current top-level ...

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UK economy set to shrink in Q4 after November services weakness – PMI

Britain’s services sector shrank slightly for a second month running in November, as cost-of-living pressures for households and businesses’ uncertainty about the economic outlook squeezed demand, a survey showed on Monday. The S&P Global/CIPS purchasing managers’ index (PMI) for the services sector held at 48.2 last month, matching October’s 21-month low and an earlier ‘flash’ estimate for November. Combined with last week’s manufacturing PMI, the data pointed to Britain’s economy shrinking at a quarterly pace of 0.4%, S&P Global (NYSE:SPGI) economist Chris Williamson said. “This is the toughest spell the ...

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ECB’s Makhlouf expects 50 bp rate hike on Dec. 15

European Central Bank governing council member Gabriel Makhlouf told journalists on Monday that he expects the bank’s Dec. 15 policy meeting will likely settle on a 50 basis point rise in interest rates. The ECB has raised rates by a record 200 bps since July, but a slowdown in euro zone inflation and benign signals from the U.S. Federal Reserve have bolstered the case for those advocating a 50-bps hike after back-to-back increases of 75 bps. Source: Reuters

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India’s Nov services activity growth hit 3-month high, high inflation a concern

India’s services activity grew at its quickest pace in three months in November on strong demand, lifting optimism to its highest in eight years, according to a business survey, which also showed prices rose at the fastest rate since July 2017. The S&P Global (NYSE:SPGI) India services purchasing managers’ index rose to 56.4 in November from 55.1 in October, beating the 55.4 estimate in a Reuters poll. It remained above the 50-mark separating growth from contraction for a 16th straight month, its longest stretch of expansion since October 2016. “Indian ...

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S.Korea 2023 exports to post first fall in three years – exporter group

South Korea’s exports in 2023 are expected to post their first fall since 2020, on weakening IT demand, falling oil prices and a delay in global economic recovery, an association of domestic exporters said on Monday. South Korea’s exports are expected to fall 4.0% in 2023, after rising 7.1% in 2022 to a record amount of $690 billion, or likely the world’s sixth-largest, the Korea International Trade Association (KITA) said in a report on the trade outlook. That would be the first annual fall since 2020 when shipments out of ...

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U.S. services industry perks up; factory orders jump

U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year. The survey from the Institute for Supply Management (ISM) on Monday followed on the heels of news last Friday that the economy continued to create jobs at a solid clip in November, with wage growth accelerating. Consumer spending also rose strongly in October. The Federal Reserve’s fastest rate-hiking cycle since the 1980s as it wages war against inflation is stoking ...

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Ukraine and UAE to start talks on bilateral trade deal

The United Arab Emirates and Ukraine agreed on Monday to begin talks on a bilateral trade deal, expected to conclude by the middle of next year, the UAE’s economy ministry said. The UAE has tried to remain neutral in the Ukraine conflict despite Western pressure on Gulf oil producers to help isolate Russia, a fellow OPEC+ member. UAE minister of state for foreign trade Thani Al Zeyoudi and Ukrainian economy minister Yulia Svyrydenko signed a joint statement on negotiations towards a Comprehensive Economic Partnership Agreement (CEPA), the ministry said. This ...

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China services activity shrinks to 6-month lows – Caixin PMI

China’s services activity shrank to six-month lows in November as widening COVID containment measures weighed on demand and operations, a private-sector business survey showed on Monday, pointing to a further hit to economic growth. The Caixin/S&P Global services purchasing managers’ index (PMI) fell to 46.7 from 48.4, marking the third monthly contraction in a row. The 50-point index mark separates growth from contraction on a monthly basis. The figure echoed weak data in a larger official survey on Wednesday, which showed services activity fell to seven-month lows. New COVID-19 infections ...

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IFF 2022 Global Finance and Development Report: Global Economy Expected to Grow 2.8% in 2023 Excluding Impact of Pandemic

Global economy is to grow 2.8% in 2023 as the Chinese economy is expected to expand 4.6%, next year according to forecasts made by the International Finance Forum (IFF) 2022 Global Finance and Development Report released at the IFF 2022 Annual Meeting on Friday. The report estimates Chinese economy will grow 3.3% in 2022. Developed economies will grow 1.2% while developing countries will expand 3.9% next year, the report said. Global inflation, the ongoing pandemic, and geopolitical tensions are the main reasons for global slowdown in 2022, said Prof. Song ...

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India shared a list of products with Moscow for access to Russian market – minister

India gave a list of Indian products to Moscow for access to Russian markets, Foreign Minister Subrahmanyam Jaishankar said on Monday, as his country seeks to narrow a growing trade deficit with Russia at a time when Moscow faces acute shortages of some crucial materials following Western sanctions. Reuters reported last week that Moscow had sent India a list of more than 500 products for potential delivery, including parts for cars, aircraft and trains, as sanctions following Russia’s invasion of Ukraine squeeze its ability to keep vital industries running. Russia ...

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ECB’s Villeroy says in favour of 50 bp rate hike on Dec. 15

-The European Central Bank should raise interest rates by 50 basis points (bp) on Dec. 15, French central bank chief Francois Villeroy de Galhau said on Sunday, reinforcing expectations for the ECB to slow the pace of monetary tightening. The ECB has raised rates by a record 200 basis points since July, but a slowdown in euro zone inflation and more benign signals from the U.S. Federal Reserve have solidified the case for a 50 bp move after back-to-back 75 bp hikes. While markets now largely price a 50 bp ...

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QNB discusses what drives divergent emerging markets’ inflation

Qatar National Bank (QNB) said that inflation has been driven by both demand and supply factors, often amplified by exogenous shocks or non-economic factors. QNB’s weekly report said: “Elevated inflation has been a dominant topic throughout this year. Across countries, inflation has been driven by both demand and supply factors, often amplified by exogenous shocks or non-economic factors. On the demand side, it is mostly a product of excess consumption created by ultra-loose monetary and fiscal policies in advanced economies. On the supply side, it is negatively affected by supply-chain ...

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Euro zone likely heading into mild recession-PMI

Euro zone business activity declined for a fifth month in November, suggesting the economy was sliding into a mild recession as consumers cut spending amid surging inflation, a survey showed. S&P Global’s final composite Purchasing Managers’ Index (PMI) for the euro zone, seen as a good guide to economic health, nudged up to 47.8 in November from October’s 23-month low of 47.3, matching a preliminary estimate. Anything below 50 indicates contraction. “A fifth consecutive monthly falling output signalled by the PMI adds to the likelihood that the euro zone is ...

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Euro zone retail sales weaker than expected in October

Euro zone retail sales were slightly weaker than expected in October, data showed on Monday, dipping more than forecast in a sign of weakening consumer demand that could herald the onset of the expected technical recession. The European Union’s statistics office said retail sales in the 19 countries sharing the euro fell 1.8% month-on-month for a 2.7% year-on-year decline. Economists polled by Reuters had expected a fall of 1.7% on the month and 2.6% on the year. Retail sales are a proxy for consumer demand their fall at the start ...

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