Central banks from Brazil to Indonesia scrambled to defend their struggling currencies on Thursday, hours after the Federal Reserve jolted markets by indicating it may not cut rates by much next year. The Fed’s tacit acknowledgement of the inflationary risks likely to come from incoming president Donald Trump’s immigration and trade policies unnerved investors. U.S. … Read more
Mumbai: The rupee closed at an all-time low versus the dollar Thursday as the likelihood of a prolonged phase of higher US interest rates and deepening concerns over the Chinese economy prompted global investors to reduce exposure to emerging market currencies. The rupee closed at 83.15 per US dollar on Thursday versus 82.95 per dollar … Read more
Watch Alex Marquardt’s report on the sting operation on Erin Burnett OutFront on Monday, April 10, at 7 p.m. ET. CNN — A team of South Korean spies and American private investigators quietly gathered at the South Korean intelligence service in January, just days after North Korea fired three ballistic missiles into the sea. For … Read more
Editor’s Note: A version of this story appears in today’s Meanwhile in the Middle East newsletter, CNN’s three-times-a-week look inside the region’s biggest stories. Sign up here. Abu Dhabi, UAE CNN — Shortly before leaving for his first state visit to China on Tuesday, Iranian President Ebrahim Raisi issued a thinly veiled criticism of his … Read more
Abuja, Nigeria CNN — President Muhammadu Buhari on Thursday directed Nigeria’s central bank to reissue old 200-naira ($0.43) banknotes withdrawn just days ago as concerns grow that the botched introduction of new money could disrupt general elections later this month. Violent protests have erupted in recent weeks as millions of people struggled to get their … Read more
London CNN — The two biggest economies in South America are starting talks to create a common currency. Analysts are skeptical. Brazil’s President Luiz Inacio “Lula” da Silva and Argentina’s President Alberto Fernández wrote in a joint piece published in Argentinian paper Perfil Sunday that they wanted to foster greater integration between the two neighbors. … Read more
“I think in consumer discretionary and consumer staples for example the underlying health of demand has actually been pretty steady throughout the last few quarters,” says Adrian Lim, Aberdeen Standard Investments. How things are moving in terms of inflation and emerging market currencies, what is your sense for what lies ahead now?I think we can … Read more
Hong Kong CNN Business — Chinese President Xi Jinping is visiting Saudi Arabia this week for the first time in nearly seven years, during which he is expected to sign billions of dollars of deals with the world’s largest oil exporter and meet leaders from across the Middle East. The visit is a sign that … Read more
Hong Kong CNN Business — China’s Singles Day, the world’s biggest annual shopping event, is known for regularly smashing sales records. This year’s bonanza, which wraps up on Friday and is led by internet titans Alibaba (BABA) and JD.com (JD), will likely be no exception: Analysts expect it to rack up 1 trillion yuan ($140.8 … Read more
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. The Russian rouble has crashed more than 40% to a new record low against the dollar, oil prices have jumped as much as $7 a barrel and gold prices have gained 1%, as financial markets opened … Read more